Journalist, business commentator, Crikey founder, shareholder activist and Melbourne city councillor Stephen Mayne is running as a “pro-Turnbull, liberal-minded independent” candidate in Kevin Andrews’ blue-ribbon seat of Menzies in the federal election. And I’m supporting him.
As a journalist, and one who regularly comments on federal politics, there will be some who consider it improper that I should align myself with a political candidate. There is good reason for that point of view, which is why I am “coming out” to explain my decision. It’s certainly true that if Mayne had opted to pursue political office as a party candidate I would not be inclined to offer my support.
But on this occasion, irrespective of his pro-Turnbull affiliation, I am comfortable lending Mayne my support and good wishes. In doing so I am acutely aware of Mayne’s less than popular status among sections of the media. He does have a way of rubbing some of his peers up the wrong way. This was perhaps best exemplified by the infamous incident at the 2006 Walkley awards when an aggrieved Glenn Milne attempted to bodily force Mayne, who was presenting an award, from the stage. (Milne subsequently apologised.)
I am supporting Mayne in part because he has earned his stripes as an early advocate for improved corporate governance at a time when corporate governance was the subject of much lip service but little action in the nation’s boardrooms.
The collapse of Enron in the US and HIH locally in 2001 brought issues of corporate governance, ethics and transparency to the fore. Much change in corporate behaviour was promised, but little followed. Corporate governance became just another box to tick, another milch cow to be exploited by carpetbagger consultants. Bad corporate citizens kept on being bad corporate citizens – as the world was reminded with the catastrophic global financial crisis of 2007-8.
Stephen Mayne called out many of these companies, firstly as a journalist and commentator and later as an activist. During the 1990s and 2000s he would use negligible shareholdings in public companies to target their negligent governance by asking pointed questions at AGMs and by running for positions on company boards. On the latter front, Mayne delighted in dubbing himself “Australia’s most unsuccessful candidate”.
It was this crossover into active participation that irked so many journalists. And I have to admit that I was among those to roll my eyes with each announcement that Mayne was running for yet another company board seat.
Making his presence felt
Mayne was not setting upon a career as a professional company director; his aim was to expose improper corporate behaviour which breached principles of good governance; the spirit if not the letter of the law. Mayne’s targets were shoddy remuneration practices, dubious transactions, conflicts of interest and poor market disclosure.
Mayne continues to make his presence felt at company AGMs, as recently noted by the Australian Financial Review’s Rear Window column:
“The Westfield chief and lover of the beautiful game [Frank Lowy was]…officiating at his company’s AGM…handing out unsolicited career advice to the nation’s favourite shareholder activist-turned-political aspirant, Stephen Mayne. Mayne peppered the octogenarian shopping mall magnate with questions about political donations…But cranky Franky gave voice to the frustrations of every shareholder meeting chair, letting fly with a few choice retorts, including: ‘Isn’t it about time you grew up and did something useful with your life?’”
The Rear Window columnist’s tongue was no doubt firmly located in his cheek when describing Mayne as “the nation’s favourite activist-turned-political aspirant”, but at least the description lacked the hint of scorn in The Australian’s recent epithet for Mayne of “self-appointed corporate conscience to the nation”.
Whatever affection, or lack thereof, the media may have for Mayne, his longstanding campaigns for better corporate (and political) transparency, accountability and standards of behaviour have proven well founded and more relevant than ever. The call by Labor and consumer groups for a royal commission into banks and a wide body of stakeholders for a federal independent commission against corruption may or may not have the support of Mayne, but they go the heart of his conviction that there exist systemic inadequacies in our institutions, whether corporate or political, which must be rooted out.
Mayne may well be a “ratbag” (and worse) to his critics, but he has been vindicated many times over for his determination to shine a light into the darkest recesses of corporate Australia.
Yes, that’s what journalists do, and do very well, but as Maxwell Smart might say, Mayne has used his ratbaggery for good instead of evil. He has opted to go beyond shining a light. He has been a doer, and with the passage of time not just a prescient doer, but a dogged one.
By his own count, Mayne has asked questions at more than 400 public company AGMs and stood for 48 public company boards. From 2011 until 2014 his advocacy was conducted through the Australian Shareholders’ Association as a director and then as Policy and Engagement Coordinator. He has played an instrumental role in turning the somewhat amateurish ASA into a respected voice for shareholder rights.
Practising what he preached
Mayne also served more than three years on Manningham City Council before his election to the City of Melbourne in 2012, where he chairs the finance and governance committee. In that role he has practised what he has preached about financial rectitude and transparency.
Mayne’s decision to contest the seat of Menzies may or may not bear political fruit. Ridding the federal Parliament of 1950s relic Kevin Andrews (he was actually elected in a 1991 by-election) is as much an aim as a seat in parliament.
Parliament would certainly be a better place without the peculiar Andrews, who still swings a torch for deposed Prime Minister Tony Abbott. His ultra-conservatism would not be missed, and an injection of fresh blood into the House of Representatives would make for a better place. Andrews’ political demise is a worthy aim in itself. But there’s more to Mayne’s candidacy than a negative-plus.
Mayne’s time as an elected councillor, particularly as a Melbourne city councillor, suggests that he would make a fine MP. There’s every likelihood that “Australia’s most unsuccessful candidate” will make it to Canberra if not in 2016 then at some future election.
I hope he makes it on July 2 as a “pro-Turnbull, liberal-minded independent”, or as he alternatively presents himself, as a “Hamer L/liberal” candidate, after the late reformist Liberal Premier of Victoria Rupert “Dick” Hamer.
It’s a pity Malcolm Turnbull feels politically constrained from presenting himself as a Hamer liberal. Many have been disappointed by his diffident performance since becoming Prime Minister, but his supporters believe that will change when (if) he earns a mandate in his own right on July 2.
In the meantime, Mayne is prepared to give Turnbull the benefit of the doubt and is running as a candidate in the belief that a liberal Turnbull era beckons. And such an era has no place for the likes of Andrews.
As Mayne told Fairfax Media: “[Andrews] is a 1950s capital C conservative. These dinosaurs can hide in the Senate in smaller states but Kevin Andrews shouldn’t be doing this in Hamer Liberal territory in progressive Melbourne.”
Although Mayne has nailed his colours to the mast of the good ship Turnbull, a progressive Member for Menzies would be a welcome outcome irrespective of who forms government.
Good on Stephen for taking the fight to Andrews, and in what is shaping up as a values election, for standing up for values that can only be for the betterment of a modern and progressive Australia.
That’s why I’ll be handing out how-to-vote cards for Stephen Mayne on July 2.
Leo D’Angelo Fisher is a journalist, writer and commentator. He is a former associate editor and columnist with BRW and columnist for the Australian Financial Review. He was also a senior writer at The Bulletin magazine. He is the author of the book Rethink: the Story of Edward de Bono in Australia (Wiley). Follow him on Twitter: @DAngeloFisher