MEDIBANK – A VICTIM?; BOARDROOMS STUCK IN THE DARK AGES

MEDIBANK – A VICTIM?; BOARDROOMS STUCK IN THE DARK AGES

Welcome to this week’s round up of insights and commentary, brought to you by Team Cannings.

MEDIBANK – A VICTIM?  

As the hacking crisis worsens for Medibank, its members and shareholders, the prevailing sentiment around the private health insurer being an unsuspecting victim of cyber criminals is quickly shifting.

With the company’s AGM scheduled for next Wednesday, there are likely to be plenty of questions from shareholders about Medibank’s cybersecurity strategy and protocols.

At least that is the view of senior columnist Elizabeth Knight, who says Medibank is no victim or casualty of bad luck. Rather, it’s a big corporate that failed to defend its digital systems from hackers and stop them from stealing customer data.

Writing for the Nine Media outlets, Knight says the AGM could be a “litmus test for how far shareholders are prepared to punish boards and executives for any financial or brand damage inflicted by a breach, and whether they warrant a reprieve”.

BOARDROOMS STUCK IN THE DARK AGES 

The more things change, the more they stay the same, it seems, when it comes to board diversity at some of Australia’s listed miners.

ASX 200 debutants Capricorn Metals, Core Lithium and Sayona Mining have no women directors and an all-male team of senior executives, while De Grey Mining’s lone female director resigned in October, according to analysis by Bloomberg and the Australian Council of Superannuation Investors (ACSI).

The finding prompted a warning from ACSI’s chief executive Louise Davidson, who said companies promoted into the ASX 200 have a year to lift their game or risk facing “no” votes by her organisation at their AGMs.

YOGA MATS DOWN 

Free yoga and fruit boxes don’t cut it when it comes to improving employee wellbeing, according to a new report that has urged bosses to prioritise mental health as much as physical health.

The Committee for Economic Development of Australia (CEDA) warned mental health claims could double or even triple by 2030 based on the current trajectory. It has encouraged companies to prioritise mental health management training for bosses and involve employees in the design of their jobs.

Organisations might want to take the recommendation on board, with mental health claims typically more costly than physical health claims and resulting in staff taking a median of 27 weeks off work compared to seven weeks for all serious claims.

ONE MORE THING… 

Source: The New Yorker 


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