Cricket chiefs stick to­gether

The Weekend Australian - - BUSINESS REVIEW - WILL GLAS­GOW & CHRIS­TINE LACY

Talk about con­ti­nu­ity at Jolimont Street.

Not only is act­ing Cricket Aus­tralia chair­man Earl Ed­dings the for­mer deputy of his pil­lo­ried pre­de­ces­sor David Peever: the two are in busi­ness to­gether.

Mar­gin Call can re­veal Peever’s in­vest­ment ve­hi­cle Ma­roochy haven is a 5 per cent share­holder in Ed­dings’ Mel­bourne-based risk man­age­ment con­sul­tancy Riskcom.

Ed­dings owns 35 per cent of the busi­ness, which, says its pro­mo­tional ma­te­rial, helps “turn your risk is­sues into im­proved busi­ness out­comes”.

While that sounds like a use­ful ser­vice for the ad­min­is­tra­tors of the dis­graced na­tional sum­mer code, we gather any risk man­age­ment ser­vices of­fered to Cricket Aus­tralia by Ed­dings have been given as a di­rec­tor, with­out any ex­tra charge.

The com­mer­cial re­la­tion­ship be­tween the board­mates un­der­lines a club­bi­ness that has been thor­oughly doc­u­mented by

Si­mon Longstaff and his Ethics Cen­tre in their re­view on Cricket Aus­tralia’s cor­po­rate cul­ture.

A “core com­plaint” iden­ti­fied by the Ethics Cen­tre was that Cricket Aus­tralia “does not re­spect any­one other than its own’’. Seems that also ap­plied to in­vest­ment op­por­tu­ni­ties.

It also per­haps il­lu­mi­nates how it is that Ed­dings — who has been a di­rec­tor on the board of the frac­tious sport for more than a decade — is now be­ing tipped as a pos­si­ble per­ma­nent suc­ces­sor to Peever.

As pre­vi­ously noted, the other in­ter­nal op­tion, Jac­que­line Hey, also has a busi­ness re­la­tion­ship with her now for­mer Cricket Aus­tralia chair Peever.

The pair sit on the board of the $7.3 bil­lion listed fund Aus­tralian Foun­da­tion In­vest­ment Com­pany.

Hey is also a di­rec­tor on Richard Goy­der’s Qan­tas board and Graeme Hunt’s AGL board, which could make the chair gig at Cricket Aus­tralia a stretch.

In the pipe­line

David Peever re­mains a board mem­ber of the David Irvinechaired For­eign In­vest­ment Re­view Board, which re­cently ad­vised Trea­surer Josh Fry­den­berg on CK In­fra­struc­ture’s $13bn bid for gas pipe­line busi­ness APA.

Bizarrely, the Hong Kong be­he­moth CKI — which is con­trolled by bil­lion­aire Li Kash­ing’s fam­ily — chose not to em­ploy a gov­ern­ment re­la­tions firm to help on its po­lit­i­cally fraught takeover of the crit­i­cal in­fra­struc­ture.

So this week the Hong Kongers were ap­par­ently sur­prised when Fry­den­berg ad­vised the in­fra­struc­ture gi­ant to come back with an ar­range­ment that wasn’t im­pos­si­ble for him to ap­prove. It seems that means ei­ther CKI brings in a lo­cal part­ner or agrees to carve off a ma­jor chunk of the 7500km east coast gas grid.

Ei­ther way, it looks like a few more all-nighters for CKI’s Mor­gan Stan­ley in­vest­ment banker Ju­lian Peck.

And it should give a cer­tain fris­son to the Christ­mas Party that APA is throw­ing for clients on Thurs­day at the Mu­seum of Con­tem­po­rary Art.

Won­der if any op­er­a­tives from Garry Weaven’s IFM In­vestors — which is po­si­tion­ing it­self to swoop on APA as CKI stum­bles — will be along in the crowd?

Sure, they’ll have to en­dure an­other night of man­ag­ing di­rec­tor Mick McCor­mack bang­ing his bloody drums, but the cock­tail deal chat­ter could make up for that.

Happy an­niver­sary

To hap­pier Mor­gan Stan­ley news: Steve Harker, Richard Wa­ger and fel­low vet­eran at the in­vest­ment bank Ian Cham­bers yes­ter­day cel­e­brated the 20th an­niver­sary of the Amer­i­can-head­quar­tered firm’s sales and trad­ing busi­ness in Aus­tralia.

And where bet­ter for the Fri­day lunchtime knees-up than Bondi Ice­bergs?

The Mor­gan Stan­ley crew — who now have an 8.5 per cent mar­ket share in lo­cal eq­ui­ties trad­ing — were joined by some of the doyens of the funds man­age­ment scene: John Se­v­ior (now an em­ployee at Mag­el­lan Fi­nan­cial Group), David Dixon (the eq­ui­ties boss at Colo­nial First State Global As­set Man­age­ment) and Chris Kour­tis (of Eller­ston Cap­i­tal and re­cip­i­ent of the “Hall of Fame” award at this year’s Aus­tralian Fund Man­ager Awards).

A smaller field

One of for­mer La­bor head­kicker Stephen Con­roy’s key ri­vals in the race to chair the Foot­ball Fed­er­a­tion Aus­tralia board has va­cated the field.

Ju­dith Griggs — a fan­cied can­di­dates in the field of 12 — has with­drawn her can­di­dacy.

Griggs — who chaired the re­view that in­formed last month’s rad­i­cal con­sti­tu­tional shake-up on soc­cer in Aus­tralia and who, prob­lem­at­i­cally, is based in Switzer­land — cited her in­ter­na­tional re­spon­si­bil­i­ties and lack of soc­cer ex­pe­ri­ence as she told the FFA she was tap­ping out.

Griggs was a favourite of ALeague club power­bro­kers Si­mon Pearce (who hasn’t had the best week thanks to an in­ter­est­ing re­port in Der Spiegel on his re­la­tion­ship with his bil­lion­aire Abu Dhabi pay­mas­ter) and Greg Grif­fin, the Mel­bourne City vi­cepres­i­dent and for­mer Ade­laide United chair re­spec­tively.

There had been a hope the for­mer Aus­tralian Grand Prix CEO would rear­range her Eu­rope sports rights busi­ness af­fairs to suc­ceed Steven Lowy (who in 2015 con­tro­ver­sially suc­ceeded his bil­lion­aire fa­ther Sir Frank Lowy) in the plum sport­ing gig.

The FFA chair now looks to be a race be­tween the for­mer La­bor Vic­to­rian sen­a­tor Con­roy and Syd­ney-based PwC man­ag­ing di­rec­tor Joseph Car­rozzi, who is well-con­nected in Lib­eral cir­cles.

Griggs’ with­drawal will also boost the other two fe­male can­di­da­cies: ex-soc­cer of­fi­cial Heather Reid and Linda Norquay, the CFO of Lach­lan Mur­doch’s pri­vate in­vest­ment com­pany Il­lyria.

APA Group man­ag­ing di­rec­tor Mick McCor­mack

Stephen Con­roy

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