December 7, 2015
Dear Mayne Report readers,
Greetings for the first time since our last bumper email edition on November 5. If you'd rather not receive these occasional email newsletters, click here to unsubscribe. If you like it, send this URL to your friends. As you read through this edition you'll notice a lot more links to interesting material on our website, which have now been built into the email template.
Stand by huge Slater and Gordon write-down
For the past two Saturdays, Australia's biggest selling
paper, Melbourne's Herald Sun, has lead
the paper with the woes of embattled legal behemoth Slater and Gordon.
It has been strange news judgment because nothing special
happened on the Friday before each splash and neither story took the yarn
anywhere new. Indeed, the story on Saturday should probably have been that Slaters shares had
recovered almost 40% over the course of the week. The stock opened a further 9c higher at $1.22
this morning before retreating again.
Yes, the shares have crashed and those institutions who
backed the 2-for-3 entitlement offer at $6.37 in March, have seen most of that $890
million wiped out.
If Slaters hadn't gone over the top paying $1.3 billion in
cash for UK business Quindell, the shares would probably be trading around $4
today and the company would still simultaneously be a good story for investors
and the world's biggest listed law firm.
Instead, Slaters has become tabloid fodder, a disaster for
investors and there are now serious questions about whether law firms should be
listed on the public markets.
The most puzzling aspect of the Quindell acquisition was the
board's agreement to pay 100% cash, thereby dramatically increasing the risk as
borrowings soared to more than $600 million.
Slaters had pulled off more than a dozen acquisitions before
Quindell and the vast majority had been funded by issuing shares and then
locking in the key personnel.
This didn't happen with Quindell which has quickly become
the most compelling example yet as to why Australian shareholders in acquiring companies listed on the ASX should be a given a vote on big deals.
That's a reform for Malcolm Turnbull to consider because
shareholders are given veto rights on major acquisitions in many other
jurisdictions like the UK and South Africa, but the powerful investment banks
don't like it because it jeopardises major fee-paying transactions.
Paying too much for acquisitions is the most common way that
ASX-listed companies have destroyed capital over the years, but there's never been
an example quite like Quindell which at first was welcomed by investors before
the sudden implosion, as has been documented in this Crikey coverage over the
course of the year:
Have
Slater and Gordon gone OTT with $1.2b UK takeover deal?
Monday, March 30, 2015
Aussie
investors love Slaters UK plunge
Thursday, April 2, 2015
Slaters
capital raising confirms unfair deal for retail investors
Friday, April 24, 2015
Slaters
ducking for cover on capital raising for insiders
Monday, April 27, 2015
Why
Slaters should have done a PAITREO capital raising
Tuesday, April 28, 2015
Slater
and Gordon could face a class action
Thursday, July 2, 2015
In terms of what happens now, the situation is quite fluid. The
tumbling share price will make it hard to retain and motivate staff and the
publicity is clearly causing considerable brand damage.
The group's market capitalisation is now down to $400 million and personnel change is also underway. Bryce Houghton commenced
as the new CFO last week and former Ernst and Young CEO and high powered
liquidator James Millar has just joined the Slaters board and taken over as chairman of the audit committee.
The latest balance sheet presented on page 46 of the
financial statements will be exercising Mr Millar's mind at the moment, along with his old
colleagues at Ernst and Young who have now replaced boutique firm Pitcher
Partners as the Slater and Gordon external auditor.
All of this sounds a bit like ABC Learning which was audited
by Pitcher Partners but brought in Ernst and Young as it teetered in 2008.
However, Eddie Groves and his fellow directors then never produced another set
of accounts and ABC Learning collapsed still officially claiming to have net assets of $2.23 billion, the most of any failed company in
Australian history, as this list shows.
The current Slaters balance sheet shows net debt of about
$630 million, intangibles of $1.24 billion, which mainly reflects Quindell,
work in progress of $553 million and net assets of $1.43 billion, which is more than $1 billion above the current market capitalisation.
The Herald Sun
breathlessly reported on Saturday that Slaters may have paid $100 million too
much for Quindell. Try $500 million, and then some, although much will depend
on the UK legislative changes to be rolled out next year which Slaters will no
doubt strongly resist on both sovereign risk and human rights grounds.
The pressure is now on Millar and his fellow independent
directors to potentially over-rule the long-serving management duo of Andrew Grech and Ken
Fowlie and admit they overpaid for Quindell. This should be done through a $500
million-plus write-down in February when the audited first half results are due
for release.
One potential problem for Millar is his workload. It is hard
to see how a Sydney-based director can come in cold to a complex
Melbourne-based giant like Slaters and get on top of the opaque UK operations
whilst at the time serving as chairman of three bodies – EFIC, Forestry NSW and
the Smith Family – and a director of three other public companies: Fairfax
Media, Macquarie Radio and Mirvac.
But with his old firm now on the job as external auditor and a new CFO in place
as well, the Quindell write-down should happen, especially if the share price
remains below $3 when it is time to sign the accounts.
Once the board, presumably prompted by Ernst and Young, admits it has blown up hundreds of millions on
a value-destroying takeover, the questions will be asked as to why chairman
John Skippen and CEO Andrew Grech still have their jobs?
The only problem being, is there anyone else out there who
knows how to run a giant listed plaintiff law firm, the likes of which we've never seen before?
City of Melbourne update: QVM, audit transparency and minor portfolio reshuffle
As usual, there's plenty going on at City of Melbourne.
The Herald Sun is doing ridiculous beat-ups about councillors attending the Paris climate conference at the moment, even though News Corp itself had made all sorts of commitments about reducing its carbon foot print.
And after the Herald Sun beat-up and misrepresented council's position on cars in the city, we embarked on a modest portfolio re-alignment which sees Cr Ken Ong become the new deputy in Finance and Governance, Cr Rohan Leppert replace me as deputy chair of the planning portfolio while I replace Cr Richard Foster as deputy chair of the Transport portfolio.
We've got our final committee meeting for 2015 tomorrow night with this enormous 6 tower proposal in Southbank the most significant item on the agenda.
If it is built out as planned, council is likely to receive more than $10 million in open space contributions.
Next week's final full council meeting will see Citywide and Queen Victoria Market (QVM) bring comprehensive annual reports to an open council meeting for the first time.
Councillors intervened at the November council meeting to loosen the apron strings on QVM as it moves into what could be quite a disruptive renewal construction program.
Having extracted close to $100 million from QVM over the past 20 years, it is time to slow down that cash drain so more funds can be reinvested in the operations and capacity of the market.
Therefore, in approving the September quarter financial, councillors supported an amendment to forego almost $400,000 in budgeted licence fee payments that were due to be paid in December.
However, this is not a blank cheque for big spending as the resolution stressed that we expect QVM to deliver a larger than budgeted net profit overall in 2015-16.
Elsewhere, tomorrow is the last opportunity of the year for people to come along and ask a general question at the beginning or the end of our committee meeting.
And if you want to listen back to see how some of the committee meetings have opened with questions, go here.
Finally, check out this list of the 50-plus transparency reforms that City of Melbourne has implemented over the past 3 years, plus links to the 39 motions we've put up since late 2012. You'll notice that the last of these is being voted on tomorrow night and relates to whether we can bring some more transparency and information sharing to the great work that council's top secret audit committee does.
Tilt watch - contested elections in the offing
Having sat out all contested election opportunities in 2015, the question now is: what is the game plan for 2016?
On the increasingly frequently asked question of seeking another term at City of Melbourne, the answer is "probably", but it may depend on what else comes up. The problem with being a PPPP - a poorly paid part-time politician - is that it stops you from properly running a business or taking on a full-time job. Each election is also a 4 year sentence which is a long stretch in an increasingly agile, short-term work environment.
However, there is also a Federal election in 2016 and as a strong supporter of the new PM, I'm watching the anti-Turnbull antics of Abbott loyalist Kevin Andrews very closely.
As a constituent in his seat of Menzies, I was very serious and had lots of good feedback about this letter which appeared in The Manningham Leader in October:
Time for Kevin Andrews to retire gracefully
Kevin Andrews has been a good local member for 24 years but
it was disappointing to see his sour approach to Cabinet renewal and the change
of Prime Minister.
If he can't play a team game, then the Liberal Party should
re-open the preselection for Menzies and seek a younger and preferably female
alternative for the 2016 election who can support the Turnbull Government and
contribute to a modern style of leadership in Canberra.
Manningham is a strong Liberal-voting area and residents
want the Turnbull government to succeed, but it seems our local member is
putting personal ambition and conservative ideology ahead of team
considerations.
Finally in this edition's "tilt watch" segment, check out this comprehensive package on our 48 unsuccessful public company board tilts along with this list of the 20 most biased ballot papers we've seen from public companies facing a contested election.
Tap into ASA's excellent research lists (which need updating)
Any retail investor worth their salt should be a member of the Australian Shareholders' Association, although we're a bit worried at the moment that they are voting in favour of too many remuneration-related resolutions, as was outlined in this Crikey story last week.
The ASA website has an interesting range of research lists, some of which are member-only behind the paywall. Here are a few favourites, along with some gentle suggestions on where ASA should deploy its research resources post the AGM season:
Longest serving ASX 200 directors (needs updating)
New CEOs who embrace write-offs
Measuring independent chairs for "skin in the game" (based on March 2014 data, needs updating)
Capped SPPs which were then expanded
How retail investors do worse with separate bookbuilds (very interesting and recently updated)
The 100 most important remuneration protest votes (needs some 2014 and 2015 strikes added)
30-plus examples of where retail investors gathered 100 signatures (just need to add 2015 examples)
ASA published voting intentions reports free on its website in 2015. However, "subscribers" who merely give their details will get plenty of access to more material so that's definitely worth doing.
And if you want to see all the research plus the full archive of AGM reports and voting recommendations since 2009, you really should become a member. Click here.
Fighting the pokies: will Xenophon target Kevin Andrews?
If you haven't yet seen the remarkable documentary Ka-Ching!, check it out here.
And what about gun anti pokies campaigner Nick Xenophon seeking to go national, running a team of candidates in next year's Federal election.
My local member Kevin Andrews was the Coalition's spokesman who lead the charge against pokies reform when Julia Gillard was prime minister. It would be good if Team Xenophon stood a candidate against him, as it is doing in Kelly O'Dwyer's seat of Higgins.
Senator Xenophon won't be a candidate in 2016 and in terms of winning, his most prospective candidate will be campaign manager and financial backer Stirling Griff, who will be number one on the South Australian Team Xenophon senate ticket. Check out this interesting InDaily profile on the former Vodafone shop operator.
Finally, listen to this campaign speech from the 2008 Woolworths AGM for a solid example of straight-talking pokies activism which has seemingly had little impact on our biggest pokies operators.
And try watching this 30 second anti-pokies ad made by Paul Bendat a few years ago featuring our daughter Alice, who was 6 at the time:
Keeping an eye on the directors club
We've got some great data on our website about AGMs, companies, capital raisings, directors and the like.
However, as we reflect on the still very staid directors club, do check out this Crikey story from January this year: Time for old white guys to shuffle off
The problem with old blokes sticking around on boards for too long is only getting worse.
For instance, it was disappointing to see David Crawford seek another three year term as Lend Lease chairman last month when he's been on the board for almost 15 years already.
Gerry Harvey is also showing no signs of adding any new or younger directors and then we've got that dinosaur Rob Millner blocking a credible female candidate in Elizabeth Crouch from busting into the all boys Brickworks board.
Finally, here are links to some interesting Mayne Report lists related to directors:
Surprising lack of protest votes against non-independent executive chairs
ASX-listed chairs rushed into the job from outside
Tracking tenure and gender balance of AFL club boards
Companies which tried to make it harder for outsiders to run for boards
What happens to directors in takeovers
Fighting for a fairer deal in capital raisings for retail shareholders
It has been somewhat of a lonely battle but here are links to 8 years worth of articles about how retail investors get ripped off by Australia's capital raising system.
I pitched a Takeovers Panel application at the ASA after this recent shocker from Cardno, but wasn't able to get them over the line.
It is good to see that PAITREOs are now the most popular option for ASX100 companies when raising capital and we are maintaining all of the data on their performance.
After Santos produced 50c less compensation for non-participating retail investors than what the institutions received, retail are now officially trailing instos 7-6 with 4 draws when measuring the different levels of compensation from the separate book builds in PAITREOs.
Still, that is far better than the old AREOs which produced a clear majority of inferior outcomes for retail investors.
It is most disappointing that some issuers are continuing to bowl up non-renounceable offers.
Spark Infrastructure was a real throw back with its 5-for-34 entitlement offer at $1.88 which was non-renounceable but offered retail investors a chance to apply for "overs" equivalent to 100% of their entitlement.
With the stock currently trading at $1.92, retail demand is not expected to be strong, so the under-writers and their unknown institutional clients will pick up plenty of stock, thereby diluting retail.
RACV blazes the trail on member benefits
The RACV remains Australia's most valuable mutual and it recently introduced an innovative new offer for its nearly 30,000 club members.
Starting last month, any club member now gets 50% off the retail price when staying at any of the RACV's open access resorts, which includes Noosa, Gold Coast, Hobart, Inverloch, Torquay, Cape Schanck, Cobram and the recently acquired Goldfields resort.
That's a great deal. Paula is now off the RACV board but well done to the board and management for coming up with this proposal.
A trip down memory lane on our Youtube channel
When The Mayne Report first launched in 2007 we were posting daily videos on our Youtube channel. Alas, the cost and time of in-house video production, plus the lack of any revenue, made this model unviable. Besides, daily videos weren't necessarily the best way to campaign for better corporate governance through shareholder activism. And words, not pictures, was our traditional strength.
In the end, it made more sense to channel our efforts into appearing on mainstream media video platforms. People watch Q&A, The Business and The Project.
However, when you look back at all the video we've got spanning our own productions, one-off interviews, profiles or lengthy interviews such as Nine's Sunday program or ABC TV's Talking Heads, the regular spot on Sky's Business View and webcasts of AGMs, it turns out we've got a rather large library of material, some of which is now available on our Youtube channel.
Here are links to some lively videos from our expansive archive:
Macquarie model a dead parrot
Video packages of battles with Rupert Murdoch
Speech about women on boards at Intelligence Squared debate in Melbourne
Skewering Col Allan on Channel Nine's Sunday program
Cracking a few bad jokes after OZ Minerals and Zinifex merger
How about a modest recurring donation to help keep us going?
The Mayne Report has accumulated net losses of almost $300,000 since it launched in October 2007. We moved to a free model in June 2009. It has been nice to receive more than $40,000 worth of donations over the past six years and if you fancy giving us a hand to help fund our activism and keep us going on the political and AGM circuit, just click on the image below:
Alternatively, if you don't like Paypal, donations can be transferred to our account at Westpac
Mayne Report Pty Ltd
BSB: 036 406
Account number: 130897
Or, you can send a cheque to PO Box 925, Templestowe 3106.
We recently received a $40 monthly recurring donation through Paypal which I assumed was a mistake. However, on querying the commitment, the donor responded as follows:
Hi Stephen,
Thanks for your note, and your
humble response.
The background to this donation
is all in the timing. This week I cancelled my News subscription because they
killed off Climate Spectator (the only reason I would give Rupert money). Then shortly after that I read one of your
stories in Crikey, and reasoned that I could put that same money to even better
use by using it to support someone like yourself who is one of the few
dedicated to shining a light on the practices of Rupert and so many other
corporates that they would really like left unexposed. That's why I made it a
recurring donation - it's really a subscription to you!
As to whether I will continue it - I am very happy to do so,
but it also depends a little bit on your own plans. I understand
your journalism, whether at Crikey or the Mayne Report, are slightly sporadic
affairs based on your ability to fit them in with other commitments, but that
doesn't worry me. I think your capacity to contribute to Australian society is
far greater than simply through being a commentator, and I can see that you
understand this too, by actually becoming a player in your local government
stints at Manningham and Melbourne. It has given me
satisfaction to see your skills, knowledge and vision growing over time, and
your innovative approaches to current issues. I am really hoping you have
some plans to move to a higher platform, so keep the money - it's a small drop in the bucket, and you
can have it as long as I am working. If you save it up to help you to get to
the US occasionally, then that's a perfectly worthy cause.
Should you decide that you would prefer a quiet
life or to dedicate yourself to the family, then I'll find another worthwhile
person or organisation to invest in. But in the meantime, if you are tilting at
other windmills, keep me posted and I'm happy to help out further if I can.
Regards, name withheld
If anyone else wants to follow this lead with a modest monthly contribution through Paypal, just click here or the image below:
Heading to Sydney for Ten Network Holdings AGM
The next project we'd love to see supported by donors is a trip to Sydney for the AGM of Ten Network Holdings on December 16.
There are so many questions to ask, such as:
Who is going to be the Foxtel representative on the board and why are the Murdoch interests going to have 2 of the 6 directors when they only own 24% of the total stock?
Which of the existing three independent directors will be walking the plank to satisfy the Foxtel demand of a smaller board?
Why doesn't Ten maintain a majority of independent directors?
Why on earth do you persist with that awful Bolt Report which just spreads divisive bile and also gets flogged by Insiders in the ratings?
The Mayne Report Rich List and other favourite lists
BRW magazine used to do a great job with its various Australian Rich Lists but since the print version was closed, it has fallen away, as was explained in this Crikey story.
Back in the early days of The Mayne Report we broadened BRW's efforts to track any Australian who has ever been worth more than $10 million. We've got more than 1500 names with those who've fallen back below $10 million now italicised.
Meanwhile, here are links to some of our other favourite lists:
18 years of remuneration excesses by the Murdoch family
120 local govt councillors who made it into Parliament
The great honorary doctorates list
Prominent Australians who have sued for defamation
Claimed assets of companies at time of collapse
The great Australian cheque-book journalism list
Crikey yarns since last edition and full 10 year archive of contributions
Since Crikey was sold in March 2005, the freelance contributions to Australia's best known and longest running independent ezine have continued as follows:
2015: 100 stories so far
2014: 51 stories
2013: 19 stories
2012: 56 stories
2011: 71 stories
2010: 64 stories
2009: 50 stories
2008: 264 stories
2007: 354 stories
2006: 295 stories
2005: 257 stories
Here are links to the Crikey stories since our last Mayne Report edition on November 5:
Bradken directors resign to avoid formal defeat
Monday, November 9, 2015
Dad finally lets co-chairman Lachlan speak at a Murdoch family AGM
Friday, November 13, 2015
Billionaires running Ten show how not to treat retail shareholders - again
Monday, November 16, 2015
Regime change finally achieved at Cabcharge
Thursday, November 19, 2015
Appalling governance at Village Roadshow
Friday, November 20, 2015
Gerry Harvey set for another investor rebuff
Monday, November 23, 2015
Ranking the top 25 female directors in Australia
Tuesday, November 24, 2015
Transurban takes high ground raising capital, others regress
Wednesday, November 25, 2015
The 25 most noteworthy protest votes of the AGM season
Thursday, November 26, 2015
Bickering with Solomon Lew at Premier AGM
Monday, November 30, 2015
Will Westpac be punished for investor rip-off?
Thursday, December 3, 2015
Crescent Capital in appalling Cardno capital raising
Friday, December 4, 2015
Tales from the talk circuit
It wasn't planned this way, but I delivered the annual Kemsley Oration to the Victorian division of the Planning Institute of Australia last Monday and it ended up being a bit of a swansong after pivoting out of the deputy chair of planning post at City of Melbourne and moving into the Transport portfolio.
I've given about 500 speeches over the years, but less than 5 of these have been written and then read.
The Kemsley was one of those, so here is the full text if you're interested in some hard-hitting views about councils, councillors, planning, potential reforms and some more upbeat stuff about what has made Melbourne such a great success.
Meanwhile, click here to read feedback after some speeches and feel free to reply by email if you fancy an engagement or contact the crew at ICMI.
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From the member edition archive
If you're a relatively new Mayne Report reader, here are links to some of the more interesting email editions sent out over the past eight years.
2015 - 8 editions so far
AGM season, PAITREOs, pokies, MAV, Copyright, Piccinini sisters, ANZ carbon and transcripts
November 5, 2015
Global Integrity Summit, Macquarie, pokies, council update, AGM season and family news
October 12, 2015
Battling Slaters, a Stokes shocker, council, CBA litigation, ASA conference and RACV reforms
April 30, 2015
Tenth anniversary of Crikey sale, Aristocrat AGM, council transparency and then some
March 9, 2015
Why Ministers should support the Liberal leadership spill
Monday, February 9, 2015
2014 - 8 editions focused on back half of the year post ASA gig
Special edition on the Victorian election result
Sunday, November 30, 2014
Vic election, Herald Sun, Rupert votes, Tex, Xenophon and much morey
Sunday, November 23, 2014
Rupert AGMs, Cabcharge, Costello, Bolt, Ten and Victorian election
Sunday, November 16, 2014
CBA tilt, LA visit, Rupert AGMs, Cabcharge and state election
Wednesday, November 12, 2014
Cabcharge, donations for Rupert visit and governance reforms at City of Melbourne
Wednesday, November 5, 2014
Tilts, Fairfax, CBA, Brickworks, Albert Park, ASX, Woolies, pokies and Crown
Friday, September 20, 2014
We're back: inside a post-ASA election season blitz
Monday, September 15, 2014
2013 - 10 editions with 5 favourites below
Capital raisings, Ansell, IAG, Packer, pokies, Rich List, City of Melbourne and ASA update
Monday, December 23, 2013
Franking robbery, East West trust breach, BHP bonuses, John Gay and plenty more
Sunday, August 25, 2013
ASA policy paper, Kevin Andrews on the pokies, Senate preferences and much more
August 19, 2013
ASA, Billabong, Westfield, Newcrest, Shorten, Turnbull, pokies and then some
Monday, July 22, 2013
Rudd v Gillard, referendum, Labor sleaze, Clive Palmer, ASA, City of Melbourne and plenty more
Monday, June 24, 2013
2012 - only 9 editions given council and ASA commitments
Backing Rudd, Lachlan, Bob Brown media debate, Manningham governance, Gunns and St Kilda AGM
Monday, February 20, 2012
The OZ goes mad, Murdoch piracy, AFR, pokies double rate, Gina, council super, BoQ rip-off and power speech
Wednesday, April 4, 2012
2011 - 21 editions but slowed down after elected to ASA board in May
Murdoch special, media inquiry, pokies, Manningham, Zara, secretive Shortenite crs and Vodafone take-down
Thursday, September 15, 2011
Elected to ASA board, pokies, Rio, Santos, RHG, Hartigan, Manningham, capital raisings and Rich List
Thursday, May 19, 2011
2010 - 39 editions and last year with paid staff
Paperlinx, Packer, Murdoch, Manningham, pokies, Rich ex wives, foreign takeovers and much more
Saturday, October 23, 2010
DJs, women on boards, ex Lib goes no pokies, preferences, Pratt-Shorten, Labor's debt and Manningham council audio
August 3, 2010
Director rankings, Rio, Westfield, MAP, Manningham, Paatsch, state election, rich list, pokies and much more
June 9, 2010
Political donations, Stokes, Westfield tower, Richard Colless, Manningham nursing home, state debt, Rich List and Grand Prix
February 23, 2010
2009 - 40 editions but was slowed down by Manningham council
Seven AGM, crazy Perth visit, Fairfax, Telstra, Transfield, capital raisings and much more
November 9, 2009
News Corp AGM, Packer, Fairfax, James Strong, Woolies, Eastern Golf, Kohler-Gatto and much more
October 20, 2009
Bad Bendigo, Mark Day, Manningham, pokies, NAB, Asciano, Rich List, Paladin and hostile EGMs
September 15, 2009
Macquarie AGM, Melbourne's decline, Asciano EGM, capital raisings, Goyder's pokies and AGM diary
July 28, 2009
2008 - 172 editions in our first and best full year of operation as the GFC hit and before we got overloaded at Manningham
71% backing at Centro, $11bn backing at BHP and huge Qantas protest
November 28, 2008
Dear Mayne Report readers,
Greetings for the first time since our last bumper email edition on April 30. If you'd rather not receive these increasingly rare email newsletters, click here to unsubscribe.
Griffith University and the Global Integrity Summit
It should be an interesting Tuesday and Wednesday in Brisbane this week as Griffith University pulls together its ambitious Global Integrity Summit. Tickets are still available.
There is a fascinating array of speakers and topics up for discussion. For instance, the first day is framed as "The Big Picture" with an opening keynote from Human Rights Commissioner Prof Gillian Triggs, who will be joined later in the day for a panel discussion about surveillance including Bret Walker SC, the Inaugural Independent National Security Legislation Monitor from 2011-2014. The Drum's host Steve Cannane will no doubt enjoy firing off plenty of questions as chair of this session.
I'm doing a day one Madonna King-chaired panel on press freedom with Maxine McKew, cartoonist Michael Leunig and The Australian's Queensland editor Shane Rodgers.
Day two is framed as The Integrity Roundtable and has a more international flavour. I'm doing an infrastructure panel with Nicholas Gruen and then will be chairing a corruption discussion with a lively panel comprising:
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