Hellicar`s corporate career at an end

The corporate career of Meredith Hellicar, the face of James Hardie through much of
its long asbestos compensation saga, appears over after she resigned from her last
remaining board position.
The 55-year-old was heavily criticised in Thursday's NSW Supreme Court judgment
against 10 former James Hardie board members and the company, and has voluntarily
become the first casualty of the landmark case.
Other individual defendants have so far indicated they will remain in their various
corporate positions until penalties are decided.
And the company on Friday said it was considering an appeal.
Ms Hellicar handed in her resignation as a non-executive director of cinema and
hotels operator Amalgamated Holdings Ltd on Thursday - and the company told
investors on Friday.
She also stood down on Thursday from the board of AMP Ltd, and said she would not
seek re-election at the insurer's annual general meeting in May.
Her resignations came after all 10 defendants were found to have breached parts of
the corporations act.
In the case of Ms Hellicar and six other former non-executive directors, they
breached their corporate duties by approving or not amending a press release
containing misleading statements in February 2001.
The release falsely claimed an asbestos compensation trust being set up by James
Hardie was fully funded.
In his judgment, Justice Ian Gzell singled out Ms Hellicar for the heaviest criticism.
He indicated her performance during cross-examination could harm her chances of
being exonerated in the case's next hearing later this year.
She "feigned" shock, and displayed "a dogmatism in her testimony that I do not
accept", he said.
"She was proved to be inaccurate on a number occasions. I found Ms Hellicar to be a
most unsatisfactory witness," Justice Gzell said.
Ms Hellicar was promoted to chairwoman of James Hardie in 2004 and was the target of
much of the public anger over the shortfall in the company's asbestos compensation
trust.
Her first role was as a diplomat with the Department of Foreign Affairs in 1976, and
held government affairs and corporate relations positions with a number of firms
before becoming a James Hardie director in 1992.
Ms Hellicar currently sits on the board of governors of the Committee for Economic
Development of Australia and is a director of the Garvan Research Foundation and
Sydney Institute.
Meanwhile, Telstra Corp offered a "no comment" when asked about the future of board
member Peter Willcox, who was a non-executive director alongside Ms Hellicar at
James Hardie.
A spokesman for industrials company Thomas & Coffey Ltd said its non-executive
director Dan O'Brien, also a former James Hardie board member, had the full support
of the company's board.
"The matter is still before the courts and is not yet finalised," the spokesman said.
"It would be inappropriate for the company to comment and Dan continues to enjoy the
full support of the board."
Former James Hardie chief financial officer Phillip Morley, also found by Justice
Gzell to have committed corporate law breaches, is currently a non-executive
director of biotec company Tyrian Diagnostics Ltd.
Tyrian senior management was unavailable for comment.
Another former James Hardie non-executive director, Martin Koffel, is currently
chairman and chief executive of engineering firm URS Corp in the US.