Medibankâs Craig Drummond leaves on a high
Healthcare reform will lose one of its strongest advocates when Craig Drummond leaves Medibank Private at the end of June. His successor has a hard act to follow.
Feb 25, 2021 â 12.00am
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As Craig Drummond heads out the door of Medibank Private to focus on his family and the Geelong Football Club, he highlights one scary statistic to remind politicians of the need for healthcare reform.
Two per cent of Medibankâs 1.8 million policyholders accounted for 33 per cent of total net claims of $2.8 billion in the six months to December 31.
Medibank Private CEO Craig Drummond is leaving the health insurer in better shape than he found it.Â
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SYDNEY: Bank of Queensland Ltd (BoQ) will buy ME Bank, a digital lender owned by 26 industry pension funds, for A$1.33bil (US$1.05bil), the pair said, as the second-tier lender chips away at the lead of Australia’s “Big Four” banks.
The deal will double the size of the Brisbane-based regional bank’s retail arm, taking deposits to more than A$56bil, and boost the division’s contribution to earnings to more than 50% from 36%, BoQ said.
Even with the deal, BoQ will still lag far behind the Big Four banks, which control about three-quarters of the lending market and have glided through the pandemic better than some of their international peers.
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“CPS 511 continues to indicate that variable remuneration is an accountability component for an organisation, implying that it might be required for RSE licensees to ensure that appropriate incentives are set for employees,” it said. “Not all RSE licensees have variable remuneration. The choice of having (or not) variable remuneration is made by each RSE licensee based on their individual circumstances. ASFA considers that APRA should be absolutely clear that variable remuneration is not an accountability requirement.”
“Overall, ASFA continues to be concerned about the ability of [superannuation] RSE licensees to compete for talent with other financial services industry participants (for example, private equity funds), as well as participants in other industries,” ASFA said.