Cracking Mayne Report edition and video - plus get on board for tonight's Babcock special
February 2, 2010
Late last night, Mayne Report subscribers were sent probably our liveliest edition yet.
The subscriber-only stories were as follows:
What Kevin "do nothing" Rudd should do on executive pay?
Sir Rod further tainted by Allco debacle
How Allco made the British Government landlord to the ASX
Why Lindsay Tanner can't sleep at night
Tracking the tumbling BRW Rich Listers
Fun and games with Babcock tomorrow
Canberra pokies operator provides funding for the Responsible Investment Academy
Big dates to watch in forthcoming AGM mini-season
PMP share take out and crisis
Classic Private Eye on Murdoch and conflicted bankers
More names for Mayne Report Rich List
The big Wesfarmers refund cheque
Where is the Fortescue offer for retail shareholders?
First up with the free stuff this week, we've actually produced a new video. Shock, horror! And it's lots of fun tracking the events of March 4 - an outrageous day of media tartery which culminated in appearances on both Today Tonight and A Current Affair at the same time. It took a couple of days to make, so do enjoy our first video of 2009 and we will endeavour to produce one with each weekly edition of The Mayne Report.
More freedom for The Mayne Report
The 4-year non-compete agreement with Crikey expired on Monday so we're now able to write about politics and media, plus send emails to more than 500 people at a time and freelance material anywhere we like. However, the focus will still very much remain on delivering a strong weekly corporate governance newsletter and this latest edition has plenty of juicy material.
Therefore, now is as good a time as ever to subscribe to our special $55 offer which runs through until June 30. And if you get on board before 6pm tonight, you'll receive the update from the scandalous Babcock & Brown noteholder meeting proposed for 4.30pm this afternoon in Sydney.
The better half, Paula Piccinini, will be on deck all day so why not do a quick $55 transfer to the Mayne Report bank account (BSB 036406 Ac No: 130897) and let her know by emailing paula@maynereport.com so she can get you sorted straight away.
Anyway, on with the show. Here are the two subscribers stories we're giving away this week:
How Woolies dominates pokies in Manningham like nowhere else
It may yet prove fortuitous to have been elected as a councillor in the City of Manningham because it looks like we have the greatest concentration of Woolworths poker machines of any of Victoria's 79 municipalities.
Crikey led its Monday edition with this story about the Woolworths domination of Victoria's most lucrative pokies venues and this is the break down of who runs all the venues in Manningham:
Doncaster Inn Hotel: 100 machines, $17.4m lost in 07-08 (Woolies)
Shoppingtown Hotel: 100 machines, $16m lost in 07-08 (Woolies)
Cherry Hill Tavern: 50 machines, $7.16m lost in 07-08 (Woolies)
Manningham Club: 100 machines, $6.6m lost in 07-08 (Woolies)
Yarra Valley Country Club: 100 machines, $6.52m lost in 07-08 (land owned by Woolies)
Templestowe Hotel: 50 machines, $5.44m lost in 07-08 (owned by mini pokies mogul Samuel Castella)
Veneto Club: 90 machines, $5.41m lost in 07-08
Warrandyte Hotel and Football Club: 27 machines, $746,000 lost in 07-08
This means Woolies directly operates 350 of the 617 machines in Manningham and the four most lucrative venues where $47 million was lost in 2007-08. It also owns the land where the Yarra Valley Country Club operates, having paid local Rich Lister Harry Stamoulis about $10 million a few years back.
As far as I know, only the City of Monash comes close to this record with Woolies controlling 8 of their 16 pokies venues.
I've given the following quotes to our local paper, The Manningham Leader, and very much hope they won't feel intimidated by their largest advertiser when next week's edition comes out:
“Woolworths is not serving Manningham well. Our residents lose more at the pokies than they pay in rates and we have two of the top 10 venues in the state, both of which are Woolworths venues.”
“Woolworths is causing enormous social damage through this dangerous product and should stop targeting vulnerable citizens with free food, special offers and extended hours just to maximise their profits.”
The long term goal here is to get Woolworths out of the pokies business altogether. And that will only happen when consumers boycott their stores or institutional investors depart the register because they fail the screen on whether equity holdings are socially acceptable.
The United Nations Principles for Responsible Investment are being followed by more and more investors around the world and I reckon Woolies doesn't comply.
If the Norweigian sovereign fund can dump more than $1 billion worth of Rio Tinto shares on environmental grounds, it won't be long before a big fund gives Woolies the flick for exploiting thousands of pokies addicts - mainly lonely middle-aged women - running the world's most lethal poker machines.
Victoria has the most lucrative pokies in the world and Woolies has the market stitched up. And it ain't any more stitched than my local council. Thankfully, we've commenced a review of Manningham's gaming policies, although you can only do so much when the State government hands out the licences.
Nick Sherry on ASIC's supposed readiness
Corporate governance minister Nick Sherry made the following comments at the recent ASIC Summer School:
The last year has been one of significant reform and change at our national corporate regulator. Overall, the strength of our corporate regulatory environment has been commented on around the world.
One recent example is from the Group of 30 Consultative Group on International Economic and Monetary Affairs, who, through its Chair, Mr Paul Volcker, the former US Federal Reserve Chairman, singled out Australia, along with only the Netherlands, as closest to "optimal" regulation across 17 key jurisdictions.
The United States Treasury has also pointed to our current model as the preferred form. Yet, despite these strengths, the Commission and the Government have been working to make ASIC even stronger, a strategy that I am confident will bear fruit as the global recession unfolds during 2009.
Chairman D'Aloisio has seen through a major internal structural review that has witnessed the organisation move significantly closer to the markets and participants it regulates. ASIC has also taken on a major new feature of our regulatory system in the form of a uniform national credit law.
In addition, the Rudd Government has delivered almost $100 million in new funding and doubled the size of the Commission from three to six. I would like to take this opportunity to publicly welcome the full Commission of Chairman D'Aloisio, Deputy Chairman Cooper, and Commissioners Gibson, Boxall, Medcraft and Dwyer. I do believe that you are ready for the year ahead.
Hmmm, that doesn't exactly gel with David Marr's damning critique of ASIC in Saturday's Fairfax papers for failing to hold some people to account for the $300 million in bribes AWB paid to Saddam Hussein's regime.
And if ASIC is so good, why isn't this ASIC jail list full of far more impressive names?
After all, Pixie Skase has just swanned back into Toorak from her self-imposed exile in Spain and we haven't heard ASIC or a single politician say boo. The sum total of outrage thus far is Today Tonight reporter Jonathan Creek and yours truly as explained in this week's feature video. Alternatively, watch the full Today Tonight story.
Surely the Victorian Government could give Pixie a serve given that taxpayers dropped about $200 million through Tricontinental's exposure to her late husband. Or how about a Senate inquiry? Federal taxpayers spent $3 million on the Skase Chase, yet it would only cost about $10,000 to conduct a one day Senate inquiry with Pixie as the sole witness.
All the radio action this week, plus Business View today
It was another busy week on radio with segments on RRR, 774 ABC Melbourne and 4BC Brisbane as follows:
Wednesday, Mar 11: 774 ABC Melbourne with Lindy Burns discussing the share market spike, fallen billionaires and federal debt.
Tuesday, Mar 10: 4BC Brisbane with Mike Smith discussing Queensland's debt crisis.
Wednesday, Mar 4:: RRR Melbourne with The Breakfasters discussing Pacific Brands, executive pay and the global economic crisis.
And if you've got Foxtel, tune into Business View on Sky News Business from 2-3pm this afternoon as I'll be on the journos panel in the Sydney studio before heading down for the heavy combat with Babcock & Brown in Pitt Street from 4.30pm.
That's all for now and if you've enjoyed this edition, tell your friends to get on board and help resource our shareholder activism. And do it fast because tonight's Babcock EGM coverage will be worth a read if our plans come to fruition.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.
The subscriber-only stories were as follows:
What Kevin "do nothing" Rudd should do on executive pay?
Sir Rod further tainted by Allco debacle
How Allco made the British Government landlord to the ASX
Why Lindsay Tanner can't sleep at night
Tracking the tumbling BRW Rich Listers
Fun and games with Babcock tomorrow
Canberra pokies operator provides funding for the Responsible Investment Academy
Big dates to watch in forthcoming AGM mini-season
PMP share take out and crisis
Classic Private Eye on Murdoch and conflicted bankers
More names for Mayne Report Rich List
The big Wesfarmers refund cheque
Where is the Fortescue offer for retail shareholders?
First up with the free stuff this week, we've actually produced a new video. Shock, horror! And it's lots of fun tracking the events of March 4 - an outrageous day of media tartery which culminated in appearances on both Today Tonight and A Current Affair at the same time. It took a couple of days to make, so do enjoy our first video of 2009 and we will endeavour to produce one with each weekly edition of The Mayne Report.
The 4-year non-compete agreement with Crikey expired on Monday so we're now able to write about politics and media, plus send emails to more than 500 people at a time and freelance material anywhere we like. However, the focus will still very much remain on delivering a strong weekly corporate governance newsletter and this latest edition has plenty of juicy material.
Therefore, now is as good a time as ever to subscribe to our special $55 offer which runs through until June 30. And if you get on board before 6pm tonight, you'll receive the update from the scandalous Babcock & Brown noteholder meeting proposed for 4.30pm this afternoon in Sydney.
The better half, Paula Piccinini, will be on deck all day so why not do a quick $55 transfer to the Mayne Report bank account (BSB 036406 Ac No: 130897) and let her know by emailing paula@maynereport.com so she can get you sorted straight away.
Anyway, on with the show. Here are the two subscribers stories we're giving away this week:
How Woolies dominates pokies in Manningham like nowhere else
It may yet prove fortuitous to have been elected as a councillor in the City of Manningham because it looks like we have the greatest concentration of Woolworths poker machines of any of Victoria's 79 municipalities.
Crikey led its Monday edition with this story about the Woolworths domination of Victoria's most lucrative pokies venues and this is the break down of who runs all the venues in Manningham:
Doncaster Inn Hotel: 100 machines, $17.4m lost in 07-08 (Woolies)
Shoppingtown Hotel: 100 machines, $16m lost in 07-08 (Woolies)
Cherry Hill Tavern: 50 machines, $7.16m lost in 07-08 (Woolies)
Manningham Club: 100 machines, $6.6m lost in 07-08 (Woolies)
Yarra Valley Country Club: 100 machines, $6.52m lost in 07-08 (land owned by Woolies)
Templestowe Hotel: 50 machines, $5.44m lost in 07-08 (owned by mini pokies mogul Samuel Castella)
Veneto Club: 90 machines, $5.41m lost in 07-08
Warrandyte Hotel and Football Club: 27 machines, $746,000 lost in 07-08
This means Woolies directly operates 350 of the 617 machines in Manningham and the four most lucrative venues where $47 million was lost in 2007-08. It also owns the land where the Yarra Valley Country Club operates, having paid local Rich Lister Harry Stamoulis about $10 million a few years back.
As far as I know, only the City of Monash comes close to this record with Woolies controlling 8 of their 16 pokies venues.
I've given the following quotes to our local paper, The Manningham Leader, and very much hope they won't feel intimidated by their largest advertiser when next week's edition comes out:
“Woolworths is not serving Manningham well. Our residents lose more at the pokies than they pay in rates and we have two of the top 10 venues in the state, both of which are Woolworths venues.”
“Woolworths is causing enormous social damage through this dangerous product and should stop targeting vulnerable citizens with free food, special offers and extended hours just to maximise their profits.”
The long term goal here is to get Woolworths out of the pokies business altogether. And that will only happen when consumers boycott their stores or institutional investors depart the register because they fail the screen on whether equity holdings are socially acceptable.
The United Nations Principles for Responsible Investment are being followed by more and more investors around the world and I reckon Woolies doesn't comply.
If the Norweigian sovereign fund can dump more than $1 billion worth of Rio Tinto shares on environmental grounds, it won't be long before a big fund gives Woolies the flick for exploiting thousands of pokies addicts - mainly lonely middle-aged women - running the world's most lethal poker machines.
Victoria has the most lucrative pokies in the world and Woolies has the market stitched up. And it ain't any more stitched than my local council. Thankfully, we've commenced a review of Manningham's gaming policies, although you can only do so much when the State government hands out the licences.
Nick Sherry on ASIC's supposed readiness
Corporate governance minister Nick Sherry made the following comments at the recent ASIC Summer School:
The last year has been one of significant reform and change at our national corporate regulator. Overall, the strength of our corporate regulatory environment has been commented on around the world.
One recent example is from the Group of 30 Consultative Group on International Economic and Monetary Affairs, who, through its Chair, Mr Paul Volcker, the former US Federal Reserve Chairman, singled out Australia, along with only the Netherlands, as closest to "optimal" regulation across 17 key jurisdictions.
The United States Treasury has also pointed to our current model as the preferred form. Yet, despite these strengths, the Commission and the Government have been working to make ASIC even stronger, a strategy that I am confident will bear fruit as the global recession unfolds during 2009.
Chairman D'Aloisio has seen through a major internal structural review that has witnessed the organisation move significantly closer to the markets and participants it regulates. ASIC has also taken on a major new feature of our regulatory system in the form of a uniform national credit law.
In addition, the Rudd Government has delivered almost $100 million in new funding and doubled the size of the Commission from three to six. I would like to take this opportunity to publicly welcome the full Commission of Chairman D'Aloisio, Deputy Chairman Cooper, and Commissioners Gibson, Boxall, Medcraft and Dwyer. I do believe that you are ready for the year ahead.
Hmmm, that doesn't exactly gel with David Marr's damning critique of ASIC in Saturday's Fairfax papers for failing to hold some people to account for the $300 million in bribes AWB paid to Saddam Hussein's regime.
And if ASIC is so good, why isn't this ASIC jail list full of far more impressive names?
After all, Pixie Skase has just swanned back into Toorak from her self-imposed exile in Spain and we haven't heard ASIC or a single politician say boo. The sum total of outrage thus far is Today Tonight reporter Jonathan Creek and yours truly as explained in this week's feature video. Alternatively, watch the full Today Tonight story.
Surely the Victorian Government could give Pixie a serve given that taxpayers dropped about $200 million through Tricontinental's exposure to her late husband. Or how about a Senate inquiry? Federal taxpayers spent $3 million on the Skase Chase, yet it would only cost about $10,000 to conduct a one day Senate inquiry with Pixie as the sole witness.
All the radio action this week, plus Business View today
It was another busy week on radio with segments on RRR, 774 ABC Melbourne and 4BC Brisbane as follows:
Wednesday, Mar 11: 774 ABC Melbourne with Lindy Burns discussing the share market spike, fallen billionaires and federal debt.
Tuesday, Mar 10: 4BC Brisbane with Mike Smith discussing Queensland's debt crisis.
Wednesday, Mar 4:: RRR Melbourne with The Breakfasters discussing Pacific Brands, executive pay and the global economic crisis.
And if you've got Foxtel, tune into Business View on Sky News Business from 2-3pm this afternoon as I'll be on the journos panel in the Sydney studio before heading down for the heavy combat with Babcock & Brown in Pitt Street from 4.30pm.
That's all for now and if you've enjoyed this edition, tell your friends to get on board and help resource our shareholder activism. And do it fast because tonight's Babcock EGM coverage will be worth a read if our plans come to fruition.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.