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Comment: Gonski's credentials specific

19 December 2013 5:44PM
It was hard not to notice a shift in tone in the confirmation by ANZ yesterday that David Gonski will re-join the bank's board in February next year, and then succeed John Morschel as chair in May. He served as a director from 2002 to 2007.Gonski will have to relinquish some current commitments, such as his membership of the board of Investec, and also stand down from the Future Fund.At the ANZ's annual meeting in Brisbane yesterday, Morschel notably failed to mention any of the criteria spruiked to the Australian Financial Review regarding Gonski's rumoured appointment some seven weeks ago.According to the AFR at the time, Morschel was seeking a person "with experience in Asia".Gonski's Asian credentials are, in fact, thin and are confined to hobnobbing with local plutocrats on the boards of Singapore Telecommunications and Singapore Airlines.More relevantly, Morschel highlighted that Gonski "is one of Australia's most respected business leaders and company directors", by which he really meant "the best connected". What might be the most pertinent agenda for the bank here? One that has a focus on Gonski glad-handling Australia's political class? Perhaps one that looks to a merger of ANZ with another domestic bank? Or one smoothing the way to ANZ's sale to a bank with genuine global aspirations?

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