Telstra Director Resigns Following Court Verdict

­Following a court ruling affecting a separate company, Peter Willcox has resigned as a director of Australian telco, Telstra with immediate effect. The court had banned Mr Willcox from managing a company for five years and fined AU$30,000 for lying about asbestos compensation.

Willcox was one of ten directors of James Hardie who were targeted by the Australian Securities and Investments Commission over breaching their duty of care as a company director. A press release from the company in 2001 had said that a compensation fund for asbestos claims was fully funded when it was in deficit by AU$1.8 billion.

He had previously announced that he would not stand for re-election at the Telstra Annual General Meeting in November, following the initial court verdict. The sentencing however, mandated his immediate resignation.

Posted to the site on 27th August 2009