CBD
Call it what you will … Gail Kelly knows her emerging themes. Illustration: John Shakespeare
Westpac chief executive Gail Kelly attempted to rewrite the history books yesterday when she changed the wording of a term she championed throughout the financial crisis.
''When the financial crisis began over four years ago, I suggested that we would face a New Reality,'' Kelly told the bank's annual meeting in Sydney yesterday. ''These themes are now emerging.''
While Kelly noted how she had accurately predicted that borrowing costs would be more expensive, she made no mention of the original term she pushed following the bank's 2009 results: ''New Normal.''
''We're moving into a new order, a New Normal,'' she said at the time. ''The cost of debt is going to rise for all of us in the New Normal.''
It is unclear if Kelly switched to ''New Reality'' upon discovering that ''New Normal'' had already been bandied about by several financial market figures. Or whether she has cut a deal with ANZ chief Mike Smith, who has referred to the New Reality and New Normal over the course of the ''crisis'' which has resulted in the banks reporting record profits.
SNACK ATTACK
At yesterday's Westpac annual meeting, where there was a hefty 14 per cent vote against the remuneration report, chairman Ted Evans was caught off-guard by one hard-hitting non-question.
One shareholder bemoaned the standard of refreshments at the bank's AGM. While he noted that he had no reply to his fax to Gail Kelly (regarding the food standards at Westpac), he said ANZ had got back to him on the same issue. Coincidently, ANZ will be holding its annual meeting at the Sydney Convention Centre on Friday.
There was at least one welcome non-question from a shareholder, who heaped praise on Kelly and Evans. ''I think Mrs Kelly should get double what she is paid,'' said the shareholder, who lashed out at the growing influence of Melbourne companies (such as Tabcorp) in Sydney. ''Rugby league with the gambling was all done in Melbourne years ago before you even thought of it,'' she said in a detour from her praise of the Westpac board. ''I'm most grateful that I was able to run here and speak to Mr Evans. I've admired you from the very beginning. I think you're wonderful,'' she said.
Westpac's incoming chairman Lindsay Maxsted may not be so welcome at next year's annual meeting. He is from Victoria.
LOWE'S BLOW
Woolworths' joint venture partner in its Masters hardware business, the North Carolina-based Lowe's, has come under fire in the US for pulling advertising from the reality TV show All-American Muslim.
The US hardware chain now faces a boycott over its decision not to spruik its products on a program that follows the lives of five Muslim families in the greater Detroit area.
Aside from celebrities such as Mia Farrow already joining the boycott, around 30,000 signatures have been collected in a petition calling on the company to ''fight back against bigotry and fear-mongering, by publicly repudiating calls to stop advertising'' on the show.
Seems an apology from the company on its Facebook page has so far failed to wash. ''It appears that we managed to step into a hotly contested debate with strong views from virtually every angle and perspective - social, political and otherwise - and we've managed to make some people very unhappy. We are sincerely sorry.''
TREE OF STRIFE
Tensions between the pub owned by the founders of the junk mail concern Salmat - Philip Salter (Sal) and Peter Mattick (Mat) - and the tree-loving locals of the Northern NSW town of Chinderah show no sign of cooling down.
While the Sal and Mat-owned Chinderah Tavern backed down from plans to chop down the historic fig tree in the pub's carpark last year (after a sit-down protest by a local tree surgeon), plans to prune up to 60 per cent of the tree has remobilised the protesters. The pub is part of Sal and Mat's Taphouse pub group.
After a protest (with Christmas decorations) was held last week, the Tweed Shire Council's Greens councillor Katie Milne has maintained the rage. ''So far the owners have refused to talk to me and have not rung these specialist veteran tree consultants despite repeated offers of free advice and free tree work,'' she said in a statement issued this week.
''A review of the Taphouse consultant's report has found that there was no evidence from the report that such extreme pruning of at least 60 per cent was required and confirmed that this would have killed the tree.''
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