Boardroom bingo no fun when old grudges die hard

Outsider has long accepted that when politicians retire they frequently pop up in what could quite accurately be described as corporate sinecures.

Former ministers seem to be particularly blessed when it comes to settling their posteriors into boardroom leather and perhaps no one in recent memory has played boardroom appointment bingo better than former Howard Government Treasurer and failed Prime Ministerial aspirant, Peter Costello.

Costello may never have got to sit in the big chair in the ministerial wing of Parliament House but he has got to sit in the big chairs at Channel Nine and the Future Fund – which is a far more remunerative position to be in, frankly.

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But it seems to Outsider that no matter whether a politician was good, bad or indifferent, for some reason those running major companies seem to believe that having them in the boardroom will add value, possibly delivering influence when it is needed or providing insight into the workings of Government.

But he is wondering how those running Equity Trustees are feeling after receiving feedback from both planners and superannuation funds about their appointment of former Financial Services Minister, Kelly O’Dwyer, to a board position.

As Outsider hears it, there are a few Equity Trustee clients who are still less than overwhelmed by O’Dwyer’s handling of the portfolio and her legislative legacy and they have not been shy in expressing their views.

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