ASIC has commenced civil proceedings against former NRMA Insurance CEO Nicholas Whitlam, alleging he breached his duties as a director when he was chairman of the company by “not voting certain member proxy votes that were directed against a solution relating to the remuneration of the company’s directors.” 

The regulator has commenced civil proceedings in the NSW Supreme Court. The allegations do not amount to criminal proceedings, but if proved would prevent Mr Whitlam from holding a similar position in the future.

In an unexpected rejoinder to the ASIC move, Mr Whitlam said he believes it is “politically motivated and suspiciously timed”.  ASIC is seeking the maximum amount in pecuniary penalties for each alleged breach. 

While the corporate regulator refused to comment any further at this stage, Mr Whitlam is understood to be pulling together a formidable legal team. “Few things are as important to me as my reputation,” he said.  “These allegations simply cannot be sustained.”