Former managing director of IOOF Limited, Christopher Kelaher has been denied his deferred shares despite IOOF winning the Federal Court proceedings brought by the Australian Prudential Regulation Authority (APRA).
IOOF announced to the Australian Securities Exchange (ASX) today that notwithstanding the favourable outcome of the proceedings, the IOOF Board had determined that “look back” had been triggered in respect of his shares.
“Accordingly, all of Mr Kelaher’s deferred shares have been forfeited,” it said.
Kelaher left IOOF in April and it was announced that his deferred shares remained subject to “look back” in accordance with the company’s executive deferral plan.
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So, the guy's career is in tatters but has been vindicated by the Court which basically slammed APRA for incompetence and now the company he used to lead and would arguably still be leading had it not been for the APRA action cancels his deferred shares.
No doubt there will be further court action as a consequence, funded by shareholders and not the Board. Shareholders should be screaming blue murder from the rooftops.
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