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Mesothelioma: A Killer
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A deadly shame
26sep04
LIKE the archetypal corporate villain in a B-grade movie, James Hardie Industries has been exposed as heartless as well as greedy – according to last week's Jackson inquiry.
Its reputation is in tatters.
The building products giant is in disgrace and its directors have only themselves to blame for the pain they have caused their company, shareholders, customers and employees.
They have made James Hardie the ugly, unacceptable face of capitalism.
In under-funding its asbestos compensation scheme and, in concealing the truth about the provisions made for victims of asbestos-related diseases, the board has devalued the James Hardie brand and undermined public confidence in corporate governance.
The directors alone are responsible for the consumer boycott, supported by trade unions and the Labor Party, that now hangs over a company shown up to be short on integrity.
They let down their shareholders.
Worse still, they heaped stress upon people already weighed down by diseases that take a horrible toll of victims and their loved ones.
They added to the heartache of people already sentenced to death.
Some of the diseases associated with exposure to asbestos are beyond ghastly. The lungs cease to function. Many victims liken the symptoms to drowning. It is a struggle just to breath.
They are stealthy diseases – by the time you know you are sick it is too late to do anything about it.
Some of the companies and public authorities that mined, sold or used asbestos have also been stealthy in response to the risks. They have acted like the tobacco companies, keeping negative research under wraps for years – even decades.
Betrayal of victims
Warning bells sounded as early as the 1950s.
Sailors in warships were exposed when they applied asbestos insulation to steam pipes. Workers in power stations mixed asbestos from the bag. Carpenters cut and hammered asbestos sheets. Miners continued to hack it out of the ground even after many in high places knew it to be deadly.
Given the shameful history of the asbestos industry, it was incumbent on James Hardie to be transparent as well as honest in establishing and administering its compensation scheme.
By under-funding it by up to $2 billion, however, the company has linked its name with another betrayal of victims of asbestos.
It must right this wrong. The board must also examine its collective conscience and determine its future. It is doubtful it has anything to offer in terms of restoring the James Hardie name.
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