On the face of it you would have to say ASB has a weak Board...

On the face of it you would have to say ASB has a weak Board with poor risk management. This in turn has led to bad hires at C Suite level like Singleton, Bellamy and Percivialle. Each has contributed to a big write down and in the case of Singleton and Percivialle, responsibility for not meeting ASX/SEC obligations.

If it was one exec then I could forgive the Board but this trail of poor hires suggests the Board (mainly Rothwell) has little ability to conduct decent due diligence on mgmt.

Now Rothwell may bring other positive traits to the Board and clearly despite the problems ASB has had some success, but it must be weighed against the risks of things like the current ASIC investigation and the impact that has on future Navy contract wins.