Hardie executives banned from acting as directors

JAMES Hardie former chief executive Peter Macdonald has been banned from managing a company for 15 years and fined $350,000 for breaching the Corporations Act.

A press release approved by the board of James Hardie in February 2001 was found to contain deceptive and misleading comments about the company’s capacity to meet its compensation liabilities for asbestos sufferers.

Corporate watchdog ASIC had asked the court to disqualify Mr Macdonald for up to 16 years and fine him between $1.47 million to $1.81 million.

Justice Gzell disqualified Peter Shafron, the former general consul of James Hardie, for seven years and fined him $75,000.

Former chief financial officer Phillip Morley was fined $35,000 and disqualified for five years.

The non-executive board members, including Meredith Hellicar and Telstra director Peter Willcox, were each fined $30,000 and banned from managing a company for five years.