And in 2012, O’Neill invited Richard Sheppard to join the Echo board, exactly where he continues to be. Sheppard now chairs the audit committee, which in 2018 received the damning KPMG report (which CEO Matt Bekier tried unsuccessfully to drinking water down) that identified the Star was failing to fulfill its anti-money-laundering obligations. In accordance to the testimony of the pertinent KPMG husband or wife, Sheppard questioned if it was also late for the report to be edited. A very similar exchange with external consultants value Catherine Brenner her task as chairman of AMP, also in 2018.
Like O’Neill (overtly paying himself $2 million to preserve Bekier’s seat heat), Sheppard will certainly be leaving Star’s board this calendar year – potentially in a condition of higher embarrassment if counsel assisting Mr Bell dismantle the non-government directors as they have administration.
The least complicated game in city
Sheppard also chairs Dexus Residence Group, where by chief government Darren Steinberg is getting the time of his lifetime.
For amassing hire, Steinberg is compensated like a beneficiary of the Rothschild relatives believe in. Around the past five years, Steinberg’s realised shell out was $26 million. In FY21, the Dexus board paid him $3.2 million in hard cash just for turning up and a $3.5 million retention grant (vesting in 2024 issue to the board’s evaluation of effectiveness we question he’s perspiring that hurdle).
We have mentioned it in advance of, but true estate truly is the best video game in town. A $3.5 million retention grant! Steinberg has been there considering the fact that 2011. What on earth manufactured Sheppard feel he was likely wherever?
This even beats Steinberg’s remuneration in 2016 and 2017, when he received portion of his bonus for remaining a Male Winner of Change.
Dexus, underneath Steinberg, turned a sponsor of the Sydney Swans. The profit of this expenditure to Dexus protection holders seems doubtful. Immediately after glimpsing the company’s emblem from the Brewongle Stand, how many pissed bogans will telephone up and lease a ground in the MLC Centre for 8 yrs at $1800 a square metre?
Steinberg was subsequently invited to be a part of the board of the Sydney Swans, which he did.
Dexus is presently a suitor for Collimate Cash (greater identified as AMP Money) and has retained Moelis Australia, the expense bank of Sydney Swans chairman Andrew Pridham. By natural means.
Sheppard also let Steinberg be a part of the board of VGI Associates when it floated on the ASX in 2019. These previous a few years have not been VGI’s very best, although no person is blaming Steinberg for Rob Luciano’s people today capabilities. Steinberg’s purpose there will cease when Regal’s Phil King formally normally takes handle of the fund manager in June.
We truly question Steinberg realises just how blessed he is. Most public firm executives spend their full skilled lives praying for a Richard Sheppard to turn up – or should we say not convert up.
No matter what takes place at Star Leisure, Steinberg will be praying for any fallout to be quarantined. The final point he needs is a new chairman meddling in his dream position.