WiseTech is not the only publicly-listed company to face allegations of bad behaviour. Big investors are now asking if corporate boards are doing enough to hold executives to account.
Australian billionaire Richard White and co-founder of logistics software company WiseTech Global this week announced he will step down from his role as chief executive following allegations of inappropriate behaviour.
The company he helped build from his home basement three decades ago into a $37.5 billion company, is now undergoing a reckoning. But concerns about his behaviour were brought to the board's attention more than four years ago by one of its then directors.In October 2019, then WiseTech director Christine Holman resigned from the board, highlighting concerns about significant problems within the company, including the conduct of Mr White as its chief executive, but she was told to have "founder empathy and accept that is how geniuses are".
Vas Kolesnikoff is the head of Australia & New Zealand Research at ISS. He says they are still considering what to advise their clients. "Directors need to be questioning of management, to have a degree of scepticism," Mr Kolesnikoff says. In a statement to the ASX on October 20, just two days before ASIC said it was investigating, the board aimed to frame it as a "private tax matter", saying "Mr Ellison profoundly regrets his errors of judgment".
Richard White Super Retail Group Mineral Resources Boards Corporate Boards CEO Directors Executives Shareholders Investors Acsi Iss Workplace Workplace Scandals Bullying Intimidation Sexual Harassment Litigation Asx Christine Holman Chris Ellison Qantas Alan Joyce Sally Pitkin Anthony Heraghty
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