Pat Synge
And yes, it does sound like a good deal all round — not just for the directors but for members and most staff.
HAVING campaigned against the proposed demutualisation of Connect Credit Union back in 2003 I have considered this latest merger proposal by Connectfinancial and Islandstate with interest.
At the time of the previous push John Hensby (Connectfinancial CEO) stated that “mergers do nothing to create more capital, rather they produce conflict, job losses and rationalisation of branches and services. Connect directors considered this traditional option but dismissed it as it doesn’t solve the long-term issues confronting financial services organisations”
The tune has now changed and we are being encouraged to see this as wholly beneficial and, if the merger goes ahead, I’m sure that John Hensby won’t be too upset with his million dollar plus “redundancy package”. Directors made redundant will also get full payout and those Connect directors who remain with the new entity will receive considerably higher remuneration. Sounds like a good deal all round.
And yes, it does sound like a good deal all round — not just for the directors but for members and most staff.
I expect to vote for the merger unless good reasons convince me otherwise in the meantime.
Pat Synge
www.buyselltrade.com.au
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