The Press Council has considered a complaint by Macquarie Group Ltd (“Macquarie”) about articles published in The Sydney Morning Herald from 1-5 August 2014, in particular two articles in print on 2 August.
One was headed “Financial planning: Existence of ‘Penske File’ revealed. Macquarie supplied cheat sheet to advisers” (published online on 1 August under a different headline). The second was headed “Down the hole: The silver doughnut that left a big hole” (published online on 2 August under a different headline).
The Council considered the headline of the first article implied that assistance to cheat had been provided with high-level corporate approval. The text, however, did not provide evidence to support that allegation. The complaint about the headline was upheld.
The Council considered that Macquarie was given a fair opportunity to provide relevant information about whether a document was circulated, and that its responses were adequately reported. Accordingly, the complaint on that ground was not upheld.
The Council considered the second article’s conjecture about misclassifications was serious enough that Macquarie needed to be given specific notice and a fair opportunity for its response to be included in the article. Accordingly, that aspect of the complaint was upheld.
There was a strong case for Macquarie being given a prior opportunity to comment on its dealings with a particular client that were reported at length in the article. But the client’s hesitancy about revealing his identity, and the company’s generally uncooperative response to the publication’s investigations, lead the Council to conclude that the complaint on that ground should not be upheld.
As the Council considered that Macquarie’s responses to the second article were reasonably reported, the complaint on that ground was not upheld.