Michael Pascoe writes:
There’s something a little odd going on at Melbourne’s
IOOF Group – the financial services company that was formerly a mutual with the
delightful name, Independent Order of
CEO Ron Dewhurst confirmed to Crikey this
morning that there is an internal investigation going on, but said it was not
over a “material” matter – which means not enough money is involved to
significantly impact the bottom line and therefore require immediate disclosure
to the stock exchange.
Ron said no-one has left the company or
been sacked – but he didn’t comment when asked if executives had been suspended
during the investigation.
Internal investigations, executives being
suspended, all very sensitive indeed for a financial services company – but
we’re promised more could be revealed tomorrow.
As the IOOF site tells us, the company manages and administers more than $25 billion, has 30,000
shareholders and employs some 400 staff. It’s certainly not a little self-help
mutual any more.