Boss told to clean up his act

SHARES in Cleanaway Waste Management took a sharp dive on Monday after the company said its chief executive, Vik Bansal, had been hit with penalties by the board relating to workplace misconduct.

Australia’s largest waste management group said Mr Bansal had been placed under independent investigation by the board following alleged instances of “overly assertive behaviour in the workplace”.

Cleanaway shares closed 7.14 per cent, or 18c, lower at $2.34.

The company said Mr Bansal would have to comply with new measures, including the monitoring of his conduct, executive leadership mentoring and “enhanced reporting”.

Mr Bansal had acknowledged that his “behaviour should have been better” and had “expressed contrition,” the company said, but chairman Mark Chellew said the board would not accept any future cases of misconduct.

“Mr Bansal has had some issues with overly assertive behaviour in the workplace and has acknowledged that he needed to address them,” Mr Chellew said. “

The board is disappointed in the circumstances but has taken appropriate action.”

Mr Bansal also released a statement expressing his acceptance of the penalties placed on him by the board.

“I accept the feedback and remain totally committed to creating a progressive culture at Cleanaway while executing on our strategy and delivering ongoing financial performance.”

Mr Bansal was appointed CEO of Cleanaway in August of 2015. In the last financial year Mr Bansal was paid $2.6m on the back of a full-year net profit of $112.6m.

The company also announced the retirement of its chief financial officer Brendan Gill, who will be replaced by Nufarm’s current CFO Paul Binfield in February.