Fundamentally Kelaher and the BOD have refused to acknowledge or adequately address the regulator’s concerns for years. This continued at the RC and even now they are continuing to say to APRA “we don’t see a problem?” It is not in shareholder’s interests for current management/BOD to fight this - there is far too much ego involved - the last thing we need is a pissing contest between Kelaher and APRA at our expense. CEO and Chairman at a minimum have to be sacked to allow the company to go forward.
Ann: IOOF response to APRA notice and action, page-157
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