Mark Rowsthorn - variation - s.87B undertaking

Company or individual details

  • Mark Rowsthorn (this entry is an individual, not a company)

Undertaking

Withdrawal of Section 87B Undertaking

On 8 March 2011 the ACCC consented to the withdrawal of the Undertaking of Mr Mark Rowsthorn, previously accepted on 18 April 2007 (Undertaking).

The purpose of the Undertaking was to establish and maintain Mr Mark Rowsthorn's independence, as a director of Asciano, from Toll.

Under the Undertaking, Mr Mark Rowsthorn agreed to remain an 'Independent Asciano Person'. A person is not an Independent Asciano Person if, amongst other things, he or she, or his or her relative, has an interest in Toll Holdings Ltd (including shares), is employed by Toll, or has, in the past five years, been a director of or adviser to Toll.

The Undertaking is associated with the fifth variation, accepted by the ACCC on 18 April 2007, to the undertaking given by Toll to the ACCC on 11 March 2006. The fifth variation related to Toll's restructure of its group businesses by way of scheme of arrangement to create a new listed entity and trust, Asciano.

The ACCC's decision to consent to the fifth variation was given effect through the following documents:

  • a variation to Toll's undertakings;
  • a new undertaking from Asciano Limited; and
  • new undertakings from the directors of Toll and Asciano.

The ACCC's consent to the withdrawal of the Undertaking was prompted by Mr Mark Rowsthorn's resignation as a director of Asciano Ltd and/or its related bodies corporate. As Mr Mark Rowsthorn has resigned as a director of Asciano, there is no longer a need for his obligations under the Undertaking to continue.

A copy of those documents can be viewed on the ACCC's website.

Attachments

Variations

8 March 2011Mark Rowsthorn - variation - s.87B undertakingvariation of original
18 April 2007Mark Rowsthorn - s.87B undertakingoriginal