As Transurban chief executive Scott Charlton fronts investors for the toll-road company’s annual investor day today, rumbles are starting behind the scenes about the ongoing presence of former Orica CEO Ian Smith on the board.
Smith was forced to step down as Orica CEO earlier this year for verbally abusing a female staffer and there is speculation that at least one Transurban investor could push for him to step down in the lead-up to this year’s annual meeting, where he is up for re-election.
In January, a series of interactions between Smith and Orica’s investor relations head,Karen McRae, led to the resignation of McRae and corporate communications bossMiche Paterson.
Margin Call wonders what Transurban’s two female directors, Sam Mostyn andChristine O’Reilly, thought of the Smith saga.
At least one investor is said to be concerned about Smith’s ongoing presence on the board, given the focus in the investment community on so-called “ESG’’ issues, but chairman Lindsay Maxsted is so far standing by his man.
At least McRae appears to have landed on her feet — she has quietly re-emerged as the head of investor relations at Melbourne paint-maker Dulux.
TCL Price at posting:
$10.29 Sentiment: Hold Disclosure: Held
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