With the long reign of Transurban boss Scott Charlton drawing to an end, investors are mulling over how the board will replace a man who built the toll road group into a “world-class operator”.
Says Steven Kempler, portfolio manager of global listed infrastructure at Maple-Brown Abbott: “He’s built Transurban into a world-class operator of infrastructure assets.” But as the company has grown, so too, have the concerns over its expanding toll road network, particularly in Sydney. NSW’s Labor opposition, which is trying to win next month’s state election, likes to describe Sydney as the “most tolled city in the world”A key task for the next CEO will be to maintain Transurban’s social licence to operate, Mr Kempler said.
“There’s lots of different vested interests, like politics, contractors, unions; it’s a pretty complex role really and it’s a big, highly visible blue-chip stock,” Mr Simmonds said, pointing to Australia’s history of failed toll roads by other entities, including Brisbane’s Airport Link and the Lane Cove Tunnel – both of which went bankrupt shortly after opening.
Source: News Formal (newsformal.com)
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