Executives sell shares in their own companies all the time. So when Commonwealth Bank chief executive Matt Comyn offloaded about $8.4 million worth of shares last week, we didn’t think much of it.
But that was before we knew Comyn and his wife, Lucy, are working through the terms of their separation, which CBD brought word of on Tuesday, after the Commonwealth Bank confirmed the couple had split.
The share disclosure, released to the market on August 14, showed Comyn acquired a tick over 30,000 shares as a result of vested equity earned as part of his remuneration. Then there were two tranches of shares sold: The first tranche of 30,006 shares sold at $168.18 per share, worth a little over $5 million. The second lot of 20,091 shares went at $168.80, worth about $3.4 million.
All up, the share movement leaves Comyn’s direct shareholding about the same as it was the day before, and is not out of step with his previous share sales, which have occurred at least once a year since 2022. A Commonwealth Bank spokesman declined to comment on whether Comyn’s share sale this month was related to his separation.
But our guess is the sale, the second tranche of which was jointly held by Comyn and his wife as beneficiaries of a trust, freed up a helpful chunk of cash for whatever costs are racked up through the separation, and, of course, may make it easier for the couple to split their assets.
Another Pauline whisperer
It was only June when we last brought word of the frenzy among corporates to find so-called “Pauline whisperers” to cosy up to One Nation as the party rises in the polls.
Well, it looks like business is good enough for those who already have a line into One Nation leader Pauline Hanson to flaunt their access.
One lobbyist who has since made the pitch for those betting that Hanson’s popularity will hold out until at least 2028 is Jannette Cotterell, who set up her lobby shop Executive Counsel Australia back in 2008 following a five-year stint at CT Group, formerly known as Crosby Textor.
Cotterell describes herself as non-partisan, and in a post to LinkedIn felt it necessary to declare “engagement does not equal endorsement”. We bet! When reached on Tuesday, Cotterell was quick to have a crack at us over the sausagefest of names that populated our last column item on the matter. She was also quick to take the opportunity to pump up her own tyres. But we’ll spare you the marketing material.
Cotterral’s name joins a string of others who have been bandied about in political circles as possible One Nation relationship brokers.
So far we’ve heard the name of Gina Rinehart’s media minder James Radford come up. So too former Nationals deputy campaign director and conservative lobbyist Michael Kauter. Also: Scott Mitchell, who spent five years as the federal director of the Nationals before setting up his own lobby shop. We’re sure they’re freshening up their pitch decks.
Life after Ley
Former opposition leader Sussan Ley’s ex-spinner Liam Jones may be having a little trouble letting go of his old life, as CBD brought word of last week.
But it looks like Ley’s former chief of staff Dean Shachar has had no such trouble moving on – to a meeting with Prime Minister Anthony Albanese, no less.
On Wednesday, Shachar was quick to brag about his rendezvous with Albanese in Canberra in a post to LinkedIn, after the PM was able to squeeze in some time in the diary to hear all about Shachar’s new employer, the retail share trading platform, Superhero.
But apparently it wasn’t just Albo and Shachar there to chew the fat. Also present were the company’s co-founders, chief executive John Winters and chief technology officer Wayne Baskin, who presented Albo with a Hawthorn Football Club jersey.
The Superhero founders were simply flogging their own wares, given the company is a back-of-jersey sponsor. But who knows, given Albo’s approach to politics, the Hawks may be in with a shot to win over a new supporter.
The PM wasn’t the only one who had to sit through the pitch. Winters and Shachar were also seen at Aussies on Thursday morning in talks with Chris Taylor, the newly minted chief of staff to One Nation leader Pauline Hanson. The Superhero guys also made overtures to Opposition Leader Angus Taylor’s office on Wednesday, CBD hears, and met with several Coalition MPs through the week.
Airwallex Cafe
It would seem no idea is too corny for the Airwallex marketing team. There was the financial start-up’s bizarre co-sponsorship of a function on a yacht called “Mischief”. Then the company’s sponsorship of Essendon Football Club. Now the company has set up a pop-up cafe.
But our guess is any idea that distracts from the audit announced by the nation’s financial crimes agency AUSTRAC this year is probably considered a good one.
“Yeah, I mean look, it’s just a great opportunity where we know people are in town candidly, and like the majority of people here are customers,” the company’s Australia and New Zealand boss James Teodorini said on Wednesday. “We’re lucky – I was just speaking to someone who’s been a customer for nine years and they were like, want to come down and say hi.
“Um, it’s an opportunity while people are in town. Not to go and necessarily do this versus that, but just talk about who we are.” Nice one.
The cafe was set up around the corner from the ICC in Sydney, where Airwallex’s rival payments company, Stripe, was hosting an event of its own. As far as stunts go, this has to be among the lamest.
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