News Archive
2009
- December [1]
2008
2007
- March [1]
2005
2003
2002
2001
- December [1]
- November [1]
- October [1]
- September [3]
- June [3]
- May [3]
- April [1]
- March [2]
- February [1]
- January [2]
2000
- December [1]
- November [2]
- September [2]
- August [3]
- July [1]
- June [7]
- May [2]
- April [4]
- March [3]
- February [2]
1999
Whitlam Returns To The Corporate Stage
Sydney Morning Herald
Wednesday April 4, 2001
Mr Nicholas Whitlam yesterday made his first public appearance since resigning as chairman of the NRMA on Sunday, standing before members of Sydney's business community to discuss the future of the insurance industry.
Speaking at the Committee for Economic Development luncheon, held at the ANA Hotel, Mr Whitlam made very limited reference to his sudden resignation and gave no indication of the outcome of today's board meeting to appoint his successor.
``When, on Sunday, I announced I was stepping down as chairman of the insurance company, I was triggering the next phase of this continuing process of corporate transition," he said.
``There can now be a new chairman of NIGL of which I will remain a director for the time being."
Mr Whitlam went on to discuss the importance of corporate governance.
``It is quite wrong to view corporate governance as part of a cumbersome bureaucratic process," he said. ``It is more like a guardian angel.
``Good corporate governance ensures that business practice cuts the mustard and lives up to the expectations of society."
NRMA is under investigation by the Australian Securities and Investments Commission over its corporate governance and market disclosure following the leak last year of the insurer's interim profit result ahead of schedule.
Stockbroker JB Were, giving its views on Mr Whitlam's resignation and the subsequent impact on the share price, said: ``Whilst this news is certainly positive for sentiment, we still do not see any fundamental need to chase the stock beyond our $2.70 valuation.
``With the relatively poor performance of equity markets so far this year, the risk to our earnings forecasts this half remain on the downside due to lower investment earnings."
Analysts at JP Morgan had a slightly different take on the share price impact of Mr Whitlam's resignation.
``While we do not expect [Whitlam's resignation] to have any impact on the operational earnings ... we do believe that the resolution of the conflict on the board will create positive momentum for the share price," the broker said in a research note.
NRMA shares fell 6c to $2.84.
© 2001 Sydney Morning Herald