Thus White, branded as the “LinkedIn lecher”, has shown himself to exist in the rarefied air of an untouchable.
It helps that he owns 37 per cent of the company, which in a practical sense constitutes a controlling position.
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White redefines the notion of key man risk. His conduct brings with it risk to the company, given it attracts “legitimate governance concerns”, according to the board. But his departure is regarded by shareholders to carry risk to the company’s future strategy and earnings growth.
Last month’s mass exodus of independent directors Richard Dammery, Fiona Pak-Poy, Michael Malone and Lisa Brock after ‘differing views’ on White’s role suggest they saw corporate governance as a larger risk.
The current board, however, said it was conscious of the exceptional knowledge and value that White as co-founder “brings to strategy, product, customers and shareholders, which is reflected in the responses to the shareholder engagement survey”.
The board has deemed an appropriate response to the scandal is to review the company’s code of conduct to enhance disclosure and management of close personal relationships that are connected with the company.
WiseTech says it has strong governance arrangements in place, including platforms for whistleblowers.
However, it is unlikely that governance experts would agree that the actions of the board meet the expectations for a large listed company.
When the allegations against White were first aired in the media in October, White stepped down from the board, which announced he would become a consultant.
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This masthead reported he paid a $2 million settlement in a dispute with a former lover, that he had bought a $7 million Melbourne waterfront property for employee and former long-time partner Christine Kontos, and in 2019 was accused by then-director Christine Holman of bullying and intimidation.
Meanwhile, White’s response to the review’s findings on Wednesday wasn’t dripping with repentance.
He indicated that while the matters which were the subject of the investigation “were personal in nature”, “with the benefit of hindsight he would have more fulsomely disclosed them to the board” and he was supportive of a more stringent company code of conduct, according to the company’s ASX statement.
For now, at least, the response from investors has been positive, with the WiseTech stock trading almost flat, in tandem with the broader market.
But who knows? This saga could have further to play out.
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