Qantas director resigns over Italian corruption investigation
The German-born former hedge fund specialist turned 57 on Saturday, and promptly handed in her resignation as a Qantas director.
A director since June 2011, Ms Namblard decided it was "in the best interests of both Qantas and herself" to step aside in light of a legal case in Italy over alleged corruption involving the world's oldest surviving bank, Monte dei Pasche di Siena, and her former firm.
Despite resigning from the high-profile Qantas board, she will remain as a non-executive director of listed South Australian technology company Codan.
Ms Namblard, who lives in South Australia, has been questioned as part of an investigation into the privatisation of an airport in the Tuscan city of Siena in 2007.
Italian prosecutors allege improper dealings between the Luxembourg hedge fund Galaxy and the airport's controlling shareholder, Monte dei Pasche di Siena. Galaxy, of which Ms Namblard was chief executive for 10 years, successfully bid for a 54 per cent stake in the airport. She denies any wrongdoing.
Qantas said it learnt of Ms Namblard's connection to the corruption investigation in Italy only last week, despite her reportedly telling a headhunter, who recommended her for the gig, two years ago.
The airline would not reveal the search firm's identity.
Corporate governance experts said responsibility rested with the headhunters - who charge as much as $300,000 to recruit board members - to inform prospective employers about matters such as legal proceedings or investigations.
The case also highlights the challenge facing blue-chip companies, which are increasingly having to look overseas to fill board vacancies.
While the Australian market is small enough for firms to be aware of most matters concerning prospective directors from this country, their business networks are not nearly as strong overseas, which makes them more reliant on headhunters to do background checks.
"When you hire from overseas you don't have those networks - that is where they rely on search firms," one expert said.
In explaining her sudden departure the Qantas chairman, Leigh Clifford, said Ms Namblard was "especially concerned to ensure that the continuing media focus on the current Italian proceedings did not distract Qantas from implementing its strategic imperatives. It is also apt to note that Ms Namblard strenuously denies any wrongdoing in relation to the matters, which are the subject of the Italian proceedings, and the Qantas board has no reason whatsoever to doubt the position."
A spokeswoman for Codan said Ms Namblard, who has been a director since August 2011 and holds French and Canadian citizenships, had "fully informed the board and strongly denies all of the allegations". The company would not comment further.
A relative unknown in Australian business circles, Ms Namblard also sits on the South Australian government's Economic Development Board and the University of South Australia Council.
Apart from a 10-year stint as chief executive of Galaxy, a dedicated transport equity fund, Ms Namblard spent 19 years with Banque Nationale de Paris, as head of its advisory team specialising in project finance.
Her departure reduces Qantas' board to 10.
Frequently Asked Questions about this Article…
Corinne Namblard is a German‑born former hedge fund specialist who had been a Qantas director since June 2011. She previously spent 10 years as chief executive of the Luxembourg transport equity fund Galaxy and 19 years with Banque Nationale de Paris in project finance.
Ms Namblard resigned because of her connection to an Italian legal case over alleged corruption tied to Monte dei Pasche di Siena and her former firm. She and Qantas said stepping aside was in the best interests of both parties to avoid media attention distracting the airline from its strategic priorities.
Italian prosecutors have alleged improper dealings involving the hedge fund Galaxy and Monte dei Pasche di Siena related to a 2007 airport privatisation. Ms Namblard, who was CEO of Galaxy for 10 years, strongly denies any wrongdoing and the matters are the subject of ongoing Italian proceedings.
Yes. Despite resigning from Qantas, Ms Namblard will remain a non‑executive director of listed South Australian technology company Codan. Codan said she had fully informed its board and strongly denies the allegations.
According to the article, Qantas only learned of Ms Namblard’s connection to the Italian investigation the week before her resignation. The airline said she had reportedly told a headhunter about the matter two years earlier, but Qantas would not identify the search firm.
Her departure reduces the Qantas board to 10 members. The case also highlights governance issues investors should watch for—especially the reliance on headhunters for overseas appointments and the importance of thorough background checks when filling board vacancies.
Corporate governance experts quoted in the article say responsibility rests with search firms to disclose matters such as legal proceedings or investigations when recruiting board members. Blue‑chip companies hiring overseas directors can be more reliant on headhunters because their local networks are weaker abroad.
The article does not report any direct operational or financial impact on either company. However, investors may want to monitor developments because ongoing legal proceedings and media attention can create reputational or governance risks. Qantas’ chair said the board has no reason to doubt Ms Namblard’s position but accepted her decision to step aside to avoid distraction.
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