This week on the Chanticleer podcast, James and Anthony look at what Albanese’s choice for governor-general means for business, why Lendlease is feeling the heat from John Wylie, and go inside the battle for Armaguard.We’re set to get a new governor-general and she’s someone very familiar to the business community. Director, policy expert, former lawyer, advocate for women in business, sporting administrator and – until Wednesday – super fund chairman Sam Mostyn.
She’s spoken up about the importance of childcare policies and early education and the way those policies can drive a bigger bang across the economy. I guess King Charles is a bit more outspoken on issues like the environment and inclusivity and diversity so maybe they’re two peas in a pod in that way.If you look at Lendlease, in the past five years its shares are down 42 per cent on a total return basis ASX is up 62 per cent. 10 years minus 39 per cent versus the ASX at plus 134 per cent.The number one thing you’ve got is fed-up shareholders and that’s what drives these campaigns.
The board are as aware of the underperformance as anyone, they know they have to do something. That’s part of the whole theatrics of it. John Wylie has slipped in there ahead of it.You’ve got to have shareholders who believe. You’ve got to have shareholders who look at the company, in this case Lendlease, and think “gee, it could be better if only this changed”.
There are lots of reasons why the banks would prefer digital payments. Branches, security, cybersecurity, tracking and let’s be honest as customers we’re obviously using a lot less cash than we used to.But imagine a bank boss coming out and saying, ‘we don’t like cash’. It just wouldn’t have happened. The customers would flee, politicians would be on their back, everyone would accuse them of shutting all the branches.
The banks offered to come to the party, and partly bail out Armaguard, but you are dealing with the Fox family here.