I think you have your TAB's mixed up, TABCORP, not tatts. And...

I think you have your TAB's mixed up, TABCORP, not tatts. And he's the CEO of our very corrupt and un-regulated ASX. And was former CEO of TABCORP,

Funke Kupper joins Tabcorp board
By Trevor Chappell
AAP October 31, 2012 1:44PM

FORMER Tabcorp chief executive Elmer Funke Kupper has been elected to the board of the wagering and keno operator, despite some Tabcorp shareholders saying it's a bad idea.
Mr Funke Kupper was chief executive of Tabcorp for almost four years until June 2011, when he was replaced by David Attenborough.

Mr Funke Kupper is currently the chief executive officer (CEO) of stock market operator ASX Ltd.

He was appointed to the Tabcorp board in June 2012, and stood for election on Wednesday.

Australian Shareholders' Association (ASA) representative Helen Mair said the ASA opposed the election of Mr Funke Kupper to the board.

"In our opinion it is poor corporate governance for a former CEO of a company to return to the board and sit in judgment on actions being taken by the new CEO, which may countermand decisions made by the former CEO," Ms Mair said at Tabcorp's annual general meeting in Sydney on Wednesday.

Ms Mair current role as the CEO of ASX Ltd was a big full-time job.

"The ASA is concerned that he simply may not have time available to devote sufficient effort and resources to his important responsibilities to Tabcorp."

Tabcorp chairman Paula Dwyer said the Tabcorp board periodically reviewed the performance of directors.

If they were not performing or the board was not functioning properly, action would be taken, she said.

Another shareholder said he was not in favour of having a former chief executive on the board because it may have too great an influence on the incumbent chief executive.

"It must make it a bit uncomfortable," the shareholder said.

He said CEOs were paid very high salaries, so one would expect that they would be very busy.

"It (the job as CEO) should occupy most of their time, so I can't see why you would want to be a director of Tabcorp as well."

Ms Dwyer said Mr Funke Kupper had been an active participant on the board and had no special line of engagement with Mr Attenborough.

Ms Dwyer earlier told shareholders that Tabcorp hoped NSW would follow Victoria and allow it to keep its exclusive wagering licence after 2013.

Tabcorp was successful in 2011 in convincing the Victorian government to renew its exclusive wagering licence in that state for another 12 years.

Ms Dwyer said that while the company's NSW wagering licence stretched to 2097, its exclusivity would be reviewed by the state government in 2013.

Mr Attenborough told shareholders that in the first quarter of the current financial year, Tabcorp's total revenue from continuing operations rose 2.9 per cent to $488.9 million in the period, compared to the same time a year ago.

Mr Attenborough said after the meeting that the company hoped to expand the operations of its Tabcorp Gaming Solutions (TGS) business into NSW.

TGS was set up to service and maintain poker machines now operated by hotels and clubs in Victoria, after Tabcorp and Tatts Group lost their duopoly to operate poker machines outside of Melbourne's Crown casino on August 15, 2012.

"We are looking to take it interstate. The next port of call for TGS is NSW," he said.

"This is work in progress for the next 18 months."

Tabcorp shares were two cents lower at $2.83 at 1338 AEDT on Wednesday.


footnote: they (TAH shares) got bashed down to $2.77 at the close today.