[Weekly Wrap] Not a vintage week for ISI
The biggest news is that the ISI's chief executive Vance Arkinstall is facing criminal charges in relation to his directorships at Dominion Finance. It's not a good look for the ISI or for the savings industry. In reality Vance has no choice but to step down from the role until this matter is resolved.
It's unfortunate as Vance has been doing good work at the ISI over the years.
With regards to Dominion, I suspect he has become collateral damage with the company and that he would not have knowingly gone out to mislead investors.
It was always a little puzzling that he accepted such a directorship as there was always, at the least, claims of conflicts of interest. Dominion is one of those companies which has been a bit of a conundrum. In the good old days it was looked at as one of the better run companies, but that view has changed considerably. One day we will probably hear the full story of what happened inside the company. In the meantime, it is another name on a rather long list of failures.
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