Liberal leader David Speirs must step in to disendorse his party’s candidate in Dunstan Anna Finizio, after her bizarre claim that she “had no involvement” in a company of which she served as a director across an eight year period, arguing she was merely a director “on paper”.

Labor has aired concerns shared by a whistleblower about Finizio’s long involvement with the company Formway Group - aka FG Pty Ltd – which collapsed in 2019 owing millions of dollars to creditors, including the Tax Office, as well as employee entitlements.

Finizio was a director of the company from 2009 to 2010, 2011 to 2012 and again from 2014 to 2017, according to company records.

A report by administrator KordaMentha found FG had “significant historical tax debts” which were not previously reflected in the company’s financials “due to the income tax withholding not being lodged consistently”.

But Finizio, who has previously stood as a Liberal candidate in the western suburbs seat of Hindmarsh, was reported by Channel 10 [hear audio here] claiming she wasn’t “properly involved”, despite serving three separate stints as a director.

“I was director in a family company - I ceased to be a director in 2017,” she told media.
“The company was then sold and I had nothing to do with it,” she continued.

Finizio claimed she failed to declare her significant role with the company on any public forum, including her LinkedIn work history, because “I was a director on paper and I had no involvement in it”.

“So that’s why, I wouldn’t put something on my CV that I wasn’t properly involved in,” she said.

However, this doesn’t square with the Guidance on the duties of company directors published on the ASIC website, which explicitly states: “The duty of care, skill and diligence requires careful consideration as this is an area where ‘silent’ or ‘paper’ directors may be found guilty of breaching their duties.”

“It is important to realise that, if you sign on as a director of a company… you will likely be implicated should the company run into trouble,” the ASIC website continues.

“As a director, it is critical that you are informed of the company’s financial affairs and activities even if not managing the company’s business on a daily basis.”

This echoes the general duties of directors and company officeholders set out in the Commonwealth Corporations Act 2001, which holds that they “must exercise their powers and discharge their duties with care and diligence”.

As a trained lawyer – as extensively detailed on her LinkedIn history – and graduate of the Australian Institute of Company Directors, Finizio should be aware of the obligations of a company director – even an “on paper” director.

But more concerningly, did she tell the Liberal Party about her involvement with this company when she nominated as its by-election candidate?

David Speirs has previously told parliament: “If people have debts they should pay them. It is a basic principle of our modern society. It is a principle upon which business is founded… if you have a debt you should pay it.”

Does he stand by those remarks, or will he instead stand beside his candidate in Dunstan, who had a long association with a company that racked up millions of dollars in debts that were not paid?

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Attributable to Tom Koutsantonis

Anna Finizio’s continued candidacy is untenable.

Her claim that she “wasn’t properly involved” in the doomed Formway Group – which began losing considerable money during her time as a director – is fanciful.

It is the obligation of an appointed company director to be properly involved.

David Speirs must confirm if he knew about Ms Finizio’s three directorial stints in FG Pty Ltd. If he did not, he must sack her. If he did, why did he let her continue as the Liberal Party’s candidate?

Did the Liberal Party sanction the airbrushing of her tenure with FG – her sole company directorship in her employment history – from her CV?

She may claim to have been merely a director “on paper”, but did she declare this on the paper she signed to become a candidate?

Both Ms Finizio and the Liberal Party have serious questions to answer.