Three former GIO Insurance directors have been barred from management roles for up to 12 years and have also been fined by the NSW Supreme Court for their involvement in the AMP Insurance takeover bid for GIO.

Geoffrey Vines, Francis Robertson and Timothy Fox faced the court last week for sentencing in relation to charges laid by the Australian Securities and Investments Commission (ASIC) in June 2001.

Mr Vines was disqualified for three years and was ordered to pay a pecuniary penalty of $100,000 and 22% of ASIC’s costs. Mr Robertson was disqualified for the same period and will pay $50,000 and 28% of ASIC’s costs.

Mr Fox was disqualified until July 2016 and will pay a penalty of $220,000 and 33% of ASIC’s costs. He will also be required to pay compensation of $US143,750 at the exchange rate in force on June 3 1999.

ASIC Chairman Jeff Lucy says the sentences emphasise that directors and officers must face the consequences if they fail to carry out their duties.

“ASIC’s case against these former directors of GIO Insurance demonstrates that the law clearly requires company directors and officers to exercise care and diligence when carrying out their work, particularly during a takeover.”