Woolworths CEO, Brad Banducci, has been warned that he could be held in contempt of the Senate and face potential jail time after repeatedly refusing to answer questions about the company's return on equity during a Senate hearing on supermarket prices. Banducci's refusal to address the metric and his attempt to divert attention to the company's return on investment angered inquiry chair Nick McKim, who accused him of 'PR spin' and 'cherry-picking' data points.
has been warned he could be held in contempt of the Senate and face potential jail time after he repeatedly refused to answer questions about a key measure of the supermarket’s profitability.
“I feel compelled that it is open to the Senate to hold a witness in contempt when they refuse to answer a legitimate question,” McKim said. “We make a reasonable profit, both a 10 per cent return on funds employed after tax and also a 10 per cent total shareholder return over the last five years. And as I said earlier, much of this goes back to Australian households in the form of superannuation and dividends,” Banducci told the inquiry.
The average return on equity of Australia’s big four banks across the past five years is 9.9 per cent.Dion Georgopoulos
Woolworths CEO Senate Contempt Questions Return On Equity Return On Investment Supermarket Prices
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