Ann: Investor presentation - IOOF FY 2018 results, page-81

The way Hodge QC finished his questioning of the CEO says to me he thinks he has slam dunked the CEO. I suspect the RC's report is not going to be pretty for the CEO. The worry is that if there exists such a fundamental trust governance issue as that identified through Hodge QC's questioning (which the CEO seems not to have fully appreciated by his answers), there are very likely other operating issues at IOOF that will at some point bubble to the surface.

As a trusts and estate lawyer, I have seen some extraordinary conduct by corporate trustees. There is often a fundamental disconnect between the duty to act in the best interests of the beneficiaries of the trust or fund, and trying to keep shareholders happy by making as much money as possible out of fees and charges for servicing the trust or fund. I would avoid IOOF, since I see this whole industry coming under greater scrutiny and pressure as time goes by. They have had a dream run to date, but the day of reckoning may not be that far away.