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SYDNEY- James Hardie chairwoman Meredith Hellicar is set to receive a A$1 million ($1.13 million) golden handshake after resigning from the board of the building products manufacturer.
Ms Hellicar handed in her resignation letter yesterday, just five days after the Australian Securities and Investments Commission (ASIC) revealed it was suing her and nine other directors and executives for allegedly misleading investors about the extent of James Hardie's asbestos-related liabilities.
Two non-executive directors embroiled in the scandal, Michael Brown and Michel Gillfillan, followed Ms Hellicar's lead today and quit their posts.
The Australian newspaper reported today that Ms Hellicar is set to receive a A$1 million payment for her last three years of directors fees as well as superannuation and share options.
However, she will lose that money if she is found to have resigned due to misconduct.
Hardie is also reported to be paying the legal costs for the former officers involved in the ASIC investigation but Australian law precludes this if the courts find any wrong doing.
- AAP
