Governance Advisor/Evaluator/Educator/Author/Speaker
Sydney Area, Australia
Governance Advisor/Evaluator/Educator/Author/Speaker
Sydney Area, Australia
Corporate governance pioneer who initiated in 1971 the first education course in the world to provide company directors with a professional qualification in 1975. Provider of customised courses.
Internationally recognised authority by practitioners in the International Corporate Governance Network and scholars downloading his papers from the Social Science Research Network at http://ssrn.com/author=26239 that have ranked him in the top 100 of 60,000 contributors. Available for consultation and speaking engagements.
Pioneer in the theory and practice of designing the constitutions of organisations in the private, non-profit and government sectors to improve their operations and minmise risks based on his PhD research that extended the natural science of communication and control to social organisations. Available as advisor to entrepreurs setting up new enterprises, venture capitalists seeking to maximise value in IPOs, lawyers writing corporate constitutions and joint venture agreements and any enterprise seeking to improves its effectiveness, competitiveness and social legitimacy.
Prolific author on socio-economic reform since writing 'Democratising the Wealth of Nations' in 1975 with contributions to 30 books including 'Building Sustainable Communities: Tools and concepts for Sslf-reliant economic change', and hundreds of articles with many available from googling "Shann Turnbull". Author of 'A New Way to Govern: Organisations and society after Enron'.
The theory and practice of corporate governance in the government, private and non profit sectors and sustainable self-reliant community economic systems.
(Sole Proprietorship; Myself Only; Think Tanks industry)
March 2003 — Present (5 years 8 months)
Business name registered to brand my research and consulting interests.
(Civic & Social Organization industry)
1987 — Present (21 years)
Vice President 1990-1; President 1992-5, Vice President 2007-8.
Web page at http://www.aeoa.org.au/0024/default.asp
(Privately Held; Management Consulting industry)
1963 — Present (45 years)
Established as Turnbull Krishnan and Associates while at Harvard Business School with T. Ananda Krishnan in 1963 and traded as Management Associates International. Incorporated in Australia as M.A.I.Limited and became M.A.I. Services P/L after Krishnan retired from the business. Pauline Annette Markwell became a director in 1982 to provide mentoring, coaching and human resource consulting services to clients and the family she formed with me.
(Educational Institution; 5001-10,000 employees; Higher Education industry)
January 2008 — July 2008 (7 months)
International Risk Analysis for Graduate Students in the School or Government and International Relations, Faculty of Arts
(Educational Institution; 5001-10,000 employees; Higher Education industry)
January 2007 — July 2007 (7 months)
Geopolitical Risk Management for Graduate Students in the School of Organisation and Management in the Australian School of Business
(Investment Management industry)
October 2001 — August 2006 (4 years 11 months)
Hermes Focus Asset Mangement Limited is owned by the British Telecom Pension Scheme that it manages and provides shareholder engagement services directly or in partnership with other institutional investors through its Focus Funds
My initial appointment was made by Peter Butler the then CEO of HFAML on the recommendation of Bob Monks who was then Deputy Chair of HFAML. Bob pioneered the concept of Focus Funds in the US with his partner Nell Minow who formed a joint venture with Hermes. Coincidentally, my Harvard classmate Mark Hoffman is a Non Executive Director of HFAML and was its founding Chairman. Bio notes at http://www.hermes.co.uk/pdf/focus_fund_team_biographies_May_06.pdf
Bob Monks made a video presentation for a conference I organised for MGSM in the ASX Auditorium on 'Agendas for Reforming Corporate Governance, Capitalism and Democracy'. The video is at http://www.ragm.com/video/address.mov and my paper at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=546942
(Educational Institution; Higher Education industry)
2003 — 2004 (1 year)
Extract of description of the course designed by myself posted on MGSM web page follows:
"According to Professor James Guthrie, MGSMs Corporate Governance course provides students with:
The knowledge of how to apply the science of Governance to corporate governance;
A meta-level course applying the science of governance to the governance of private, public and non-profit organisations;
Quality faculty who not only established the first educational qualification in the world for company directors, but are also practitioners in publicly benchmarking the governance integrity of private, public and non-profit organisations.
Professor Guthrie says the knowledge of applying the science of governance to the governance of organisations was developed at MGSM by his co-teacher Dr Shann Turnbull in his PhD research program."
(Privately Held; Mechanical or Industrial Engineering industry)
1987 — 1999 (12 years)
Third largest Australian manufacturer of custom designed precision industrial gears and gearboxes based in Melbourne. Initially acquired a third interest in equal partnership with the James N. Kirby family and Special Purpose Vehicles P/L who were contractors to JAC Tractor Limited for building its evaluation vehicles. Acquired shareholding of partners in 1988 and extended operations to Sydney in 1996 by acquiring a competitor, Pacific Equipment Manufacturing P/L. Sold business to a Sydney competitor in 1999.
(Public Company; Automotive industry)
1986 — 1996 (10 years)
US investors invited me to form the venture as the Jefferson Approtrac Company in 1984 to take over a Chapter 11 company. We obtained world patents for innovative light weight four wheel drive all terrain vehicle. Constructed three evaluation vehicles but unable to commercialise.
I moved the business to Australia and to raise additional funds from shareholders mostly residing in the US, I modified the corporate constitution to create a "Corporate Senate" elected on the basis of one vote per investor to mediate or veto any conflicts of interests by the directors. Directors were elected by cumulative voting and shareholders could vote on a one vote per share basis to overturn a Senate Veto.
Senator Andrew Murray proposed that this approach be adopted for the privatisation of Telstra with the Senate being described as a "Corporate Governance Board" to remove excessive director conflicts by it taking over the role of Board Audit, Remuneration and Nomination committees.
(Public Company; Machinery industry)
1989 — 1991 (2 years)
Acquired the business based in Albury from the Official Manager appointed by its Banker in partnership with Bob Meredith who became the CEO and Brian Coppin. Company employed over 100 manufacturing farm machinery for the domestic and overseas markets. Products included sugar cane harvestors, ploughs and wood chippers with some requiring custom build gears and geaboxes from Fesca Qualos Gears. Facilities were suitable for build the JAC Tractor that would also require custom designed gears and gearboxes from Fesca Qualos Gears. Shares became traded on the second board until the business reverted to Official Management.
(Public Company; Farming industry)
1979 — 1984 (5 years)
Founded in partnership with John Whalen by obtaining an option to acquire 25,000 acres of semi desert land bounded by the Barwon and Macquarie Rivers in northern NSW. Option exercised by borrowing the acquistion cost from land value increase created from obtaining an irrigation licence to install two 36 inch and six 24 inch pumps and build extensive on site storage facilities to grow cotton. Quarter mile long linear move irrigator used to grow initial crops and development funds raised by leasing the land to over 400 investors for 15 years with guaranteed mininium return who sub-leased their land to a professional agricultural management company responsible for all operations. Working capital provided by share farmers. A major flood washed away a major dam requiring the project to be recapitalised by becomming listed on the stock exchange. The company was later taken over to provide leasehold investors five times their investment back for which they obtained a 110% tax deduction.
(Non-Profit; Civic & Social Organization industry)
1972 — 1984 (12 years)
Third party shareholder engagement
(Non-Profit; Civic & Social Organization industry)
1983 — 1984 (1 year)
(Privately Held; Investment Management industry)
1980 — 1983 (3 years)
Business established with Bill Purche and Richard Baker as equal corporate partners. Funding operations and production oversight managed by Anni McDougal with the business ceasing when she became seriously injured in a car accident. During its three years of operation the company financed documentary flims that included "The Secret Discoverers of Australia", "Its OK I'm in the Band", "Bird Man of Kilomanjaro", 'Shark Callers of Kontu", "Ponape: Island of Mystery" and "Cave of Dreams"
(Non-Profit; Civic & Social Organization industry)
October 1975 — 1980 (5 years)
Accepted a board position after the CDA published my first book, "Democratising the Wealth of Nations" launched by the former Deputy Prime Minister of Australia, Dr. Jim Cairns in September 1975. The book was written to introduce Louis Kelso, the US inventor of leverage Employee Share Ownership Plans to Australia and included my complementary proposals: Ownership Transfer Corporations and Co-operative Land Banks.
In 1975 the CDA also launched the first educational qualification in the world for company directors that began as a correspondence course. I had put forward the idea in a letter published in the Australian Financial Review on June 23, 1971. It took a couple of years to organise the funding and for me and a dozen other authors to write the course.
I rewrote the constitution of the Association to allow each State in Australia to form its own Chapter and democratise its governance. In 1978 Ita Buttrose became the NSW President with me as Vice President.
(Non-Profit; Sports industry)
1974 — 1979 (5 years)
(Public Company; Farming industry)
1970 — 1974 (4 years)
Vineyard and winery business founded by Agricultural Resources P/L described below.
The company was taken over by Gollins Holdings Limited through the issue of its shares whose price then plumented from false profit reporting. The CEO of Gollin, Keith Gale and his finance director where later jailed for their conduct after the company went into liquidation within a year of issuing shares to Saxonvale. Saxonvale investors obtained a 5% interest in Gollins and I organised a shareholder engagement process with six institutional investors who owned 35% of the company. We agreed to seek the removal of the six executive directors from the board to appoint new directors to complement the six non-executive establishment directors. According to the government inspector, John Spender, Q.C. these directors were "kept in a cocoon of ingnorance". The engagement failed after the largest institutional investor sold their shares and so did not vote at the AGM to elect new directors.
(Privately Held; Venture Capital & Private Equity industry)
April 1967 — 1974 (7 years)
Tjuringa had seven members:Gordon Page Barton (Chair) - co-owner of IPEC Transport, Graham George Cook -solicitor, Gregory Patrick Farrell co-owner of IPEC Transport, Neil Ernest Ohlsson - Financier, William Andrew Pursche - Tax Partner of Chartered Accountants PMM, Christopher Soren Shann Turnbull - Management Consultant, and Peter Cardigan Wolf - Stock Broker. Responsible for research identifying acquisitions that resulted in control being obtained of a dozen publicly traded companies. Lead manager in re-organising over a third of the assets acquired.
(Public Company; 1001-5000 employees; Retail industry)
1970 — 1972 (2 years)
Control acquired by Tjuringa Secturities. Initially employed over 1,000 people in Sydney and Suburbian retail locations and turned into a property investment company employing 4 with a name change to City and Surban Properties Limited.
(Privately Held; Investment Management industry)
1969 — 1972 (3 years)
Management company owned 25% M.A.I. Services, 25% Tjuringa Securities Limited, 25% Vavasseur Pacific, 25% Ross Finney (CEO) to set up and manage Saxonvale Vineyards Limited.
Designed tax deductable investment structure with investors pre-paying rent on 15 years leases and obtaining $1.00 share in Saxonvale Limited that purchased the land for every $1,000 dollars of leaseholder improvement invested. Formed private investment syndicates to raise the money before procuring 600 acres in the Hunter Valley.
Accepted offer for M.A.I. and Tjuringa equity from Vavaseur managed by Richard Cowan and John Molyneaux who appreciated the Hunter Valley wine life style in which I had little interest in participating as a non-drinker. But retained my equity and options in Saxonvale Limited and remained a director to provide oversight of the investment for self and colleagues.
(Privately Held; Construction industry)
1970 — 1972 (2 years)
Alternative Director for Charn Sophanpanich who with other members of his family owned 50% of the company. The other 50% was owned by Ipoh Gardens controlled by Tan Chin Nam and his brother. The company developed rural land into housing estates. CEO Brian Ray retained John Singleton for marketing.
I developed a novel land tenure system to facilitate rezoning of the land to provide sustainable low income housing described as a Cooperative Land Bank but the concept was not used by the company. CLBs were included in my first book published in 1975 titled 'Democratising the Wealth of Nations'. The CLB concept is described more fully in a 1983 book chapter archived at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=649642
Business partner Ananda Krishnan introduced Charn Sophanpanich as the Thai representative of Management Associates International (M.A.I.). Tan Chin Nam was a former Compradore of the Bank of Bangkok controlled by the Sophanpanich family.
(Public Company; 51-200 employees; Banking industry)
May 1968 — October 1971 (3 years 6 months)
Control acquired by Tjuringa Secturities. Public borrowing corporation financing unsecured loans. Doubled assets and profits over three years. Co-directors were Bill Purche and Neil Ohlsson with Tjuringa Auditor, George Bennet in attendance at Board Meetings with company Secretary Bill Bowne. General Manager, Tom Fenton.
(Privately Held; 501-1000 employees; Retail industry)
1970 — 1971 (1 year)
Control acquired by Tjuringa Secturities. Largest national bookshop chain in Australia with over 500 employees.
(Public Company; Investment Management industry)
December 1969 — July 1970 (8 months)
Established as a joint venture with Kenneth McMahon and Partners P/L (25%) and Mineral Securities Limited (50%) to form and manage unlisted mutual funds: First Australian Growth and Income Fund and Second Australian Growth and Income Fund. Resigned and sold out 25% holding of Turnbull Krishnan and Co at cost when the mutual funds were used to purchase shares in related publicly traded companies. After expressing my concern over purchasing shares in Mineral Securities and its associated companies my colleagues placed me in similar position by making a substantial investment in Direct Acceptance Limited but without first telling me. I was chairman of DAC a company controlled by Tjuringa Securities Limited in which I had an interest. When I resigned I never entertained the possibility of Mineral Securities going into liquidation seven months later to create problems for the Australian financial markets that became subject to a Senate Investigation.
(Public Company; Financial Services industry)
1968 — 1970 (2 years)
Busines formed to manage innovative property trust with separate income and capital growth units as well as "founders" units to share in excess performance. Directors were Sir Howard Beale (Former Australian Ambassador to the US) as Chair, Sir Gordon Wallace (Authority and author on commercial law), Harry Seidler (Leading architect), Donald Magarey (Partner of law firm Dawson Waldron) and self. One property was acquired but operations were disbanded when market conditions became unfavourable to underwrite a public issue of units to fund property acquistions.
(Privately Held; Aviation & Aerospace industry)
1967 — 1969 (2 years)
Flying School operating a Cessna 172 in partnership with Gerry Nolan who provided the ground instruction
(Public Company; Banking industry)
1966 — 1969 (3 years)
Venture established to create a secondary market in home loans insured by the Government owned Home Loan Insurance Corporation to provide liquidity for building societies with Milton Corporation Limited as a major shareholder led by its chairman Fred Church. The company appointed the Perpetual Trustee Company Limited as the trustee for its First Australian Housing Trust whose authorised investments were limited to government insured home loans and trustee investments. Business terminated when units in the trust described as "Housing Bonds" could not obtain the status of an approved trustee investment to attract institutional investors.
(Public Company; Airlines/Aviation industry)
1966 — 1968 (2 years)
First Class instrument rated charter pilot with B level flying instrutor licence. Established new fying around Australia record in 1966 with Max Hazelton and John Bressington as co-pilots in a Cessna 310. Flight began at an Adelaide air show Saturday afternoon and finished a day and half later the following Monday morining. The record was first established by Sir Charles Kingsford Smith who took 14 days in 1927. This record was reduced to 7 days in 1934 by Charles Ulm who was a co-pilot for the first record. Our record was later broken with aerial refueled jet fighters to celebrate the 50th anniversary of the RAAF.
(Privately Held; Import and Export industry)
1963 — 1965 (2 years)
Venture established at Harvard Business School in partnership with classmate, Julian Howard Beale. Obtained the Australian rights to import and manufacture artificial leather shoes but terminated operations after first shipment was delivered with stock not as ordered!
(Privately Held; 51-200 employees; Warehousing industry)
February 1964 — October 1964 (9 months)
Business turn around to allow soft goods wholseale business to be sold as going concern instead of being liquidated as part of the Reid Murray Group that was under the control of Ern Niemann its Official Liquidator.
Provided an example to support the formation 3 years later of Tjuringa Securities to capture wealth as an owner rather than as a consultant in re-organisations moribund enterprises.
(Public Company; Paper & Forest Products industry)
1959 — 1961 (2 years)
1959 Sales training iprogram in Melbourne Mills
1960 Sales promotion officer for Western Australia getting export apples packed in cartons instead of wooden boxes
1961 Market development work in Sydney, developed garbags for Sydney Hospital
(Non-Profit; Sports industry)
1950 — 1960 (10 years)
One of two people representing the State of Tasmania on the controlling body of snow skiing that initially only had six delegates with two other delgates from each fof the States of Victoria and NSW. The participation of the Australian Capital Territory increased the total delegates to eight.
(Sole Proprietorship; Leisure, Travel & Tourism industry)
1957 — 1959 (2 years)
Charter flights around Australia
(Government Agency; 5001-10,000 employees; Utilities industry)
1954 — 1959 (5 years)
Began as a Cadet Engineer working in diverse activities such operating a Ward Lathe in a machine shop, assistant in galvanising shop, draughting office, assistant to power line surveyers, power transformer re-conditioning, switchyard and sub-station operations, power station operations, protection and testing office and commissioning of new power stations.
Studied for Diploma of Electrical Engineering at night and obtained leave of absence to undertake a Science degree in mathematics and physics at Melbourne University during 1958 and 1959.
(Privately Held; Airlines/Aviation industry)
1957 — 1959 (2 years)
(Non-Profit; Airlines/Aviation industry)
1955 — 1956 (1 year)
Charter flights mainly involved dropping food supplies to bush walkers in the then unmapped and somewhat unexplored South West area of Tasmania. Also delivering bush walkers to Lake Pedder (before it was flooded) and Cox's bight beach. Neville Shute based his novel 'The Rainbow and the Rose' on these activities.
PhD, Governance, 1997 — 2000
PhD literature review was published as the lead article in the first specialist scholarly journal on corporate governance to celebrate its fifth year of publication. Refer to 'Corporate Governance: Its scope, concerns & theories', Corporate Governance: An International Review, 5:4, pp. 180-205, October, 1997.
The above article and 'Stakeholder Governance: A cybernetic and property rights analysis' were selected to be included with 30 seminal contributions from leading scholars in 'Corporate Governance: The history of management thought', R.I. Tricker, ed, Ashgate Publishing, 2000, London.
MBA, Business, 1961 — 1963
1962 summer vacation job as Financial Analyst in the Treasury unit of Esso Standard Eastern Inc evaluating investment projects. This provided the insights to invent the concept of Ownership Transfer Corporations that formed a basis for my first book: 'Democratising the Wealth of Nations'.
Obtained rights from Arnav Industries to develop their artificial leather technology in Australia and New Zealands that formed the basis for creating a trading enterprise in partnership with Australian classmate Julian Beale.
Obtained rights to represent NYC based technology transfer and licensing company
BSc, Physics, 1957 — 1959
Dip. Elec. Eng, Electrical Engineering, 1954 — 1956
Member of 1955 Olympic Alpine training squad and was seeded fifth when four were selected to compete in 1956 Olympics in Cortina,
Modified a Hillman Californian to established track records in Tasmania in 1,000 cc to 1,500 cc class stock car racing categories and competed at Bathurst in NSW.
Represented Tasmania at Australian Interstate Ski Competions and at Intervarsity,
Obtained commercial flying licence and C level flying instructor rating.
Self-governance, Socio-economic reform, Snow skiing, Tennis,
Founding Life Member and Fellow Australian Institute of Company Directors,
Honorary Senior Fellow of the Corporate Directors Association of Australia,
Senior Fellow Financial Services Institute of Australasia,
Fellow of the Australian Institute of Management,
Fellow of the Institute of Chartered Secretaries & Administrators,
Fellow, Institute for International Corporate Governance and Accountability,
Honorary Associate Asia-Pacific Research Institute Macquarie (APRIM),
Fellow of the Royal Society for the encouragement of Arts Manufactures & Commerce,
Editorial board member of: Corporate Governance: An International Review - Corporate boards: role, duties & composition - The ICFAI Journal of Audit Practice,
The American Economics Association,
Economics Society of Australia,
Society for the Advancement of Socio-economics,
Australian Shareholders Association,
Australian Fabian Society,
Harvard Club of Australia,
International Corporate Governance Network,
Awards from London based Institute of Social Inventions in 1986, '93 & '94,
Included in Whose Who in World 1996,
Patron of Economic Reform Australia,
Patron of Fourth World Review,