Hellicar quits after criticism

Former James Hardie chairwoman Meredith Hellicar has resigned from her last remaining position as a company director after criticism from a NSW Supreme Court judge.

Amalgamated Holdings Ltd announced yesterday that it had received Hellicar's resignation from its board, effective from April 23.

It follows Hellicar's standing down from her roles as a non-executive director of AMP on Thursday after criticism from NSW Supreme Court justice Ian Gzell over her evidence in his court.

Hellicar is one of 10 former James Hardie board members who on Thursday were found to have breached the Corporations Act when they approved a press release containing misleading and deceptive comments.

The March 2001 release stated an asbestos compensation fund it had established was fully funded, when just two years later it was found to be underfunded by more than A$1 billion ($1.29 billion).

Justice Gzell made the findings in a civil case brought by the Australian Securities and Investments Commission (ASIC). No penalties have yet been announced, but ASIC is seeking disqualification from managing a company and fines of up to A$200,000.

Hellicar, a non-executive director of James Hardie at the time of the events, came in for particular criticism from Justice Gzell, for "dogmatism in her testimony" and inaccuracies.

- AAP