The head of one of Australia’s biggest companies, had their pay reduced by A$550,000 because he failed to notify the board that he was engaged in a relationship with his personal assistant.
QBE is one of largest insurance firms in the world and the company’s board took the decision to reduce the scheduled bonus of £1.71 million for John Neal, the chief executive, by $550,000 because he failed to swiftly disclose that he had engaged in a personal relationship which risked causing a conflict of interest.
Mr Neal reportedly separated from with his wife last year and began a relationship with his personal assistant, who is also the personal assistant to the board. QBE’s executive code of conduct requires that its executives must disclose in a timely manner personal relationships that have the potential for conflict of interest.
