Chairman applauds ASX resignations

Two ASX board members who resigned last week after being charged with short-selling by the US regulator have been congratulated by ASX chairman Rick Holliday-Smith following the decision.  

Russell Aboud and Shane Finemore are the chair and managing partner of Manikay Partners, a New York-based hedge fund at the centre of a Securities and Exchange Commission (SEC) enforcement action.   

Holliday-Smith said the pair had gone into business following their appointment to the ASX - an arrangement the board had considered but dismissed due to the relative strengths the two brought to the table.  

He said their commitment to the ASX had been vindicated by their decision to stand down following the charges, which also snagged 22 other firms operating in the US. All parties agreed to settlements with the SEC, which involved administrative orders but no admission of guilt or innocence.  

The pair’s replacement would now become part of an ongoing board renewal program, Holliday-Smith said, and a pipeline of good candidates would ensure the right mix of skills was applied to the board.  

Recent appointments to the ASX including Heather Ridout and Dr Ken Henry were the result of the program, Holliday-Smith said.

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