The head of Challenger financial services has welcomed the increased entry of private equity firms into the Australian marketplace, and taken a swipe at the federal government's approach to corporate governance.
Challenger chief executive Mike Tilley said many talented corporate executives were fleeing public companies and going to work for private equity firms, which are able to operate outside strict corporate governance rules.
"The sort of overbearing governance and government interference in listed public companies is so unattractive that I think the attraction for talented people to move to the private equity sector rather than the listed sector is becoming very real," Mr Tilley told Sky News Sunday Business.
"For both executives and directors, the private equity space, where you actually have time to get out of the public eye and work on fixing up a business on a long-term perspective rather than a half by half perspective, is so attractive."
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