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Thursday, 2 November 1967

Mr Hayden asked the Treasurer, upon notice:

1.   Who are the members of the Board of the Commonwealth Banking Corporation?

2.   Is he able to say what directorships of companies, if any, are held by these Board members; if so, what are the details?

3.   Have any business dealings taken place between the Board and any company in which a member of the present Board is a director; if so, what are the details?

Mr McMahon - The answers to the honourable member's questions are as follows:

1.   Members - of the Commonwealth Banking Corporation Board are:

Sir RolandWilson, K.B.E. (Chairman)

C. H. Rushworth, C.M.O. (Deputy Chairman)

B. B. Callaghan (Managing Director)

C. R. Coulter (Deputy Managing Director)

Sir RichardRandall (as Secretary to the Treasury)

R. G. Baxter, C.B.E.

A. Burton Taylor

H. N. Giles, O.B.E.

Sir ReginaldGroom

F. J. Horwood, O.B.E.

J. P. D. Lloyd.

2.   Members of the Commonwealth Banking Corporation Board hold the following director ships in companies other than family companies:

Sir RolandWilson: Qantas Empire Airways Ltd, and Imperial Chemical Industries of Australia & New Zealand Ltd.

G. H. Rushworth: Australian Finance & Investment Co. Ltd, National Mutual Life Association of Australasia Ltd, and Trustee Executor & Agency Co. Ltd.

R. G. Baxter: Raymond G. Baxter & Co., Commonwealth Hostels Ltd, and Papua A New Guinea Development Bank.

A. Burton Taylor: Email Ltd (and Group), B.X. Plastics (Aust.) Pty Ltd, Coramic Aust

Pty Ltd, Country T.V. Services Ltd, Demag Industrial Equipment Pty Ltd, Formica Plastics Pty Ltd, McDonald Industries Ltd, and Stabilisers Pty Ltd.

H. N. Giles: Elder Smith Goldsborough Mort Ltd, Babcock & Wilcox of Aust Pty Ltd, Elder's Trustee and Executor Co Ltd, Lensworth Finance Ltd, P. & O. Co. of Aust. Pty Ltd, and Squatting Investment Co. Ltd.

Sir ReginaldGroom: Groom Sanderson & Co., Brolite Industries Ltd, Consolidated Rutile Ltd, Besser Vibrapac Masonry (Qld) Ltd, English Electric Co. of Aust. Pty Ltd, Fire Fighting Enterprises Ltd, Mount Isa Mines Ltd, P. & O. Co. of Aust. Pty Ltd, Australian National Airlines Commission (Member) and Queensland Board of Advice - Elder Smith Goldsborough Mort Ltd.

F. J. Horwood: Australian Meat Board (Member) and Allanooka Plains Pty Ltd.

J. P. D. Lloyd: Cadbury Fry Pascall Aust. Pty Ltd, and Australian Mutual Provident Society - Branch Director (Tasmania).

3.   1 think this question is best answered by inviting attention to section 24 of the Commonwealth Banks Act 1959-1966 relating to the disclosure of interest in contracts. Section 24 (4) reads as follows: (4.) After a member of the Board has, in pursuance of this section, disclosed the nature of his interest in a contract, the member -

(a)   shall not take part in any deliberation or decision of the Board, or of the Executive Committee for the bank by which the contract has been made or is proposed to be made, with respect to the contract; and

(b)   shall be disregarded for the purposes of constituting a quorum of the Board or of that Executive Committee for any such deliberation or decision.'

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