The Australian Securities Exchange chief executive Robert Elstone has shown that running a bourse is not just about numbers and derivatives. It is also about having a social conscience.
Just weeks after the ASX-chaired Corporate Governance Council proposed guidelines for listed companies to better explain the gender equality (or inequality) on their boards, Elstone said he was keen to get more women enlisted on his bourse.
He noted how the ASX had already had a lone female director, Jill Broadbent, on its nine-member board. The ASX boss said he wanted to build his ratio of female "direct reports" to at least 50 per cent as "quickly as possible".
He said: "It is not because I am pro-women but I do think they bring a very different skill set and acumen." Elstone said he did not like the way women were put in the "same bracket as other minority groups" given they made up half the population.
"The gender equality issue does need to be addressed, and I emphasise addressed not fixed," said Elstone.
MAYNE CHANCE
The chief ASX surveillance officer, Eric Mayne, has confirmed he had no plans to take up a job at the Australian Securities & Investments Commission when the bourse hands its market supervision powers to the regulator.
He said about 10 to 20 per cent of ASX staff, who work in sub-management roles, would be "available" to ASIC when the transfer took place in the second half of the year.
Mayne was coy when asked whether the low percentage of "available" staff might be due to public servants getting lower pay.
"I am not familiar with the ASIC pay scales," he explained.
The top of the scale SES (Senior Executive Service) wage at ASIC last financial year was $260,000.
Mayne in that period was paid $1.17 million.
RENT APART
The soon-to-be Charter Hall managed Macquarie Office Trust has noted it has jacked up the rent of No.1 Martin Place by 24 per cent. The headquarters of its soon to be ex-manager, Macquarie.
EDGE FUNDS
The ANZ boss Mike "007" Smith has provided more clues to how he plans to build his presence in the fast growing Asia-Pacific banking market. Rather than tackle large financial centres such as Tokyo, Hong Kong and Singapore head-on, Smith appears to be working around the edges.
After already spearheading ANZ's push into the Tongan capital, Nuku'alofa, and the niche rural banking centre of Liangping in China, Smith now seems to be making waves in Tumon, the financial centre of Guam.
In an interview with Guam's Pacific Daily News, Smith remarked the territory was in need of some "sophisticated" financing to get some projects off the ground. "It all starts with the money," Smith explained to the paper earlier this month.
The bank hired the Las Vegas illusionist Anthony Reed to help its relaunch of the former Citizens Security Bank into ANZ Guam last October.
PAUL'S PEOPLE
Integrity Investment Management has announced it has hired the AMP portfolio manager Michael Murray. That takes to eight out of 12 the number of Integrity staff who used to work with its founder Paul Fiani at UBS Global Asset Management. Before his nine years at AMP, Murray had worked with Fiani at the then named UBS Brinson.
UP THE GREEK
The recent bout of Greek bashing sweeping sovereign debt and bond markets appears to have spread. The NAB chief economist Rob Henderson has questioned figures which show Greece's economy was one of the few in the developed world whose growth came close to Australia's last financial year.
"There are a few question marks over the ability of the Greek statistician to count at the moment," he said at a Committee for Economic Development of Australia briefing.
When the topic turned to the Australian dollar, Henderson said NAB's Greek-blooded head currency strategist was probably better qualified to discuss the matter.
"It's not my job to forecast the currency, it's my colleague John Kyriakopoulos, who actually can count even though he's of Greek origin," joked Henderson.
DEAD RECKONING
The funeral operator InvoCare bought some cheer to its shareholders yesterday after reporting a healthy surge in profits despite last year's dip in the deathrate.
"Better economic conditions during the year helped increase sales of cemeteries and crematoria memorials. The average price per funeral also improved (due to mix and pricing)," explained the undertakers. Deutsche Bank in a note to clients said: "Company gave no guidance (as per usual)."
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Frequently Asked Questions about this Article…
What is the ASX doing about gender equality on its board and senior team?
ASX chief executive Robert Elstone has made gender equality a priority. He said he wants to increase the number of women among his direct reports to at least 50% “as quickly as possible” and has highlighted the value women bring to board and leadership roles. The ASX previously had one female director, Jill Broadbent, on its nine‑member board, and Elstone has urged companies to better explain gender balance on their boards.
Who is Robert Elstone and what did he say about women at the ASX?
Robert Elstone is the chief executive of the Australian Securities Exchange (ASX). In the article he said he isn’t being ‘pro‑women’ for its own sake but believes women bring different skills and acumen. He stressed the gender equality issue needs to be addressed (not ‘fixed’) and wants a faster move toward gender balance among his senior team.
Will ASX staff move to ASIC when market supervision powers transfer?
ASX’s chief surveillance officer Eric Mayne confirmed he had no plans to move to the Australian Securities & Investments Commission (ASIC). He also said about 10–20% of ASX staff working in sub‑management roles would be “available” to ASIC when the ASX hands market supervision powers to the regulator in the second half of the year.
Are pay differences between ASX and ASIC mentioned as a reason staff might not transfer?
The article says Mayne was coy about whether lower public service pay scales at ASIC explained the relatively low percentage of staff who would be available. It notes the top of the SES (Senior Executive Service) scale at ASIC last financial year was $260,000, while Mayne’s reported pay in that period was $1.17 million.
Why did the Charter Hall‑managed Macquarie Office Trust raise rent at No.1 Martin Place?
The article reports that the soon‑to‑be Charter Hall‑managed Macquarie Office Trust increased the rent at No.1 Martin Place by 24%. No.1 Martin Place is the headquarters of Macquarie, which will soon no longer be the manager of that property. The item highlights a notable rent rise at a prime Sydney address.
How is ANZ expanding in the Asia‑Pacific and what was involved in the ANZ Guam relaunch?
ANZ chief Mike “007” Smith is growing the bank’s Asia‑Pacific presence by targeting niche markets rather than major financial centres. Examples include moves into Nukuʻalofa (Tonga), Liangping (China) and Tumon (Guam). Smith said Guam needs more ‘sophisticated’ financing to get projects started, and the bank hired Las Vegas illusionist Anthony Reed to help relaunch the former Citizens Security Bank as ANZ Guam last October.
Who did Integrity Investment Management hire and why does it matter to investors?
Integrity Investment Management announced the hire of Michael Murray, a portfolio manager from AMP. Murray previously worked with Integrity’s founder Paul Fiani at UBS Brinson and AMP, and his hiring means eight of Integrity’s 12 staff once worked with Fiani at UBS Global Asset Management. For investors, that suggests a team with shared experience and continuity in investment approach.
What did funeral operator InvoCare report about profits and funeral services?
InvoCare reported a healthy surge in profits despite a dip in the death rate. The company said better economic conditions helped increase sales of cemeteries, crematoria and memorials, and average price per funeral improved due to product mix and pricing. The article also notes Deutsche Bank flagged the company provided no guidance, as is typical.
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