Turnbull appoints three communications veterans to NBN Co board
Communications Minister Malcolm Turnbull has appointed three telecommunications veterans to the board of the company charged with building Australia's national broadband network, one of whom owns a significant number of Telstra shares and another who previously left the company on unceremonious terms.
The three non-executive directors appointed to NBN Co's board are Patrick Flannigan, Simon Hackett and Justin Milne. They join board members Dr Ziggy Switkowski, Alison Lansley and Dr Kerry Schott.
Mr Milne still owns $1.5 million of shares in Telstra and is believed to have been an NBN Co consultant before Tuesday's appointment.
Mr Milne maintains a conflict of interest, given the NBN Co board will be expected to approve any changes to the multibillion dollar deal with Telstra.
He also sits on the Tabcorp board with Dr Switkowski and was chief executive of OzEmail.
A spokesman for the Communications Minister said Mr Milne "has already started moves to get rid of [the shares]".
Mr Flannigan resigned as NBN Co's head of construction in 2011 after the government-owned enterprise was forced to suspend its building tenders because of higher than expected costs.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free