Over at New Matilda, I’ve had a look at the career of Meredith Hellicar, the Chairwoman of James Hardie Industries since 2004 and a Director of the company since 1992.
Hellicar’s career tells us a lot about the ethics of Australia’s business leaders. Despite her pivotal role in one of the most immoral corporate acts in Australian history, Hellicar was a popular member of Australia’s business elite.
First, the context. Asbestos has killed more than 7,000 Australians, many of them workers for James Hardie Industries. Many workers have now successfully sued James Hardie for the asbestos exposure that has caused mesothelioma and other lethal cancers.
In early 2001, James Hardie’s board of directors hatched a plan to try and escape from the company’s massive asbestos liabilities. They stripped most of the company’s assets and placed them in a new holding company based in The Netherlands, where they wouldn’t be legally liable for the dying workers in Australia.Then they lied to the Australian Stock Exchange, claiming that their Australian operation was “fully funded” to meet the asbestos claims of dying workers. James Hardie even tried to write off its payments to asbestos victims as a tax refund.
The Chairwoman of that board was Meredith Hellicar.
You would think that this woman, the person in charge of a company that has killed thousands of its workers and then systematically tried to avoid facing up to its responsibilities, would be a pariah in Australia. You would think that no government or corporation would want to be associated with her.
You would be wrong. Meredith Hellicar was a popular member of Australia’s business elite. She was on the board of AMP, the Sydney Institute, the Sydney Airport, even cancer research centre The Garvan Institute. She was a member of the federal government’s Takeovers Panel. John Howard gave her a Centenary Medal for “services to business.”
Last Thursday a judge found she had acted illegally as a Director of James Hardie. But while former James Hardie workers continue to die, all Merdith Hellicar faces is a fine.
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