Group general counsel | Avid Property Group
Nicole Bannerman
Group general counsel | Avid Property Group
Group general counsel and company secretary | Avid Property Group
As group general counsel at AVID Property Group, Nicole Bannerman is the sole advisor on risk, strategy, compliance and more, operating within a complex and evolving national property development business...
Since its separation from Investa Property Group, AVID Property Group (AVID) has maintained a diversified property portfolio and prudent gearing position assisted by structured acquisition deals. Most recently, I have been able to play an instrumental role in AVID’s latest acquisition. Following a comprehensive off market and eight-week exclusive due diligence period, AVID announced its acquisition of a fellow property developer.
During this process, I have played a central role in the team that leads this most recent acquisition (worth in excess of A$420m) which commenced in late 2018. Some of my contributions include leading the transaction due diligence process and steering the AVID due diligence committee. I have also managed the internal legal due diligence investigations of the target business, worked on the negotiation of the transaction documents as well as equity and debt funding documents. I am a member of Transaction Implementation and Executive Integration committees.
During my time at AVID I have been responsible for the creation and launch of AVID’s in-house electronic conveyancing practice, moving the business to electronic contracts nationally, and implementing PEXA electronic conveyancing capability. All conveyancing in New South Wales is now undertaken through AVID’s e-conveyancing service. This creates significant efficiencies for both AVID and its buyers, improving the purchasing experience and helping AVID to achieve settlements swiftly.
While creating these new processes, I also developed a document execution governance framework to generate efficiencies and improve the businesses outcomes by allowing senior management to have greater control over contract management, negotiation and execution within a thorough governance framework.
Over the past three years, I have also established a bespoke intranet platform and legal library for the company, creating a central resource with which I manage all of AVID’s company, governance and legal content.
Following the company’s most recent acquisition, AVID will have more than tripled its staff numbers, development projects and net asset value. The key considerations for a company experiencing growth is to establish its value proposition.
As a merged business AVID will need to decide what sets it apart from its competitors and identify who its ideal customers are – will it be investors; first home buyers or families looking to grow? AVID’s target market may evolve and change as AVID moves into a diversified business with a dedicated housing arm.
I am able to offer support to the business by streamlining processes, ensuring staff understand company policy and procedures, in addition to ensuring they have access to vital company information that they need to do their job.
It takes resilience and a robust group general counsel to maintain a presence and send the correct signals to the internal and external stakeholders that legal and ethical compliance truly does matter. Mitigating risks and instilling good corporate practices provides a sound basis for the future operation of the business – the groundwork is so important.
I absolutely agree with this statement: “Beyond technical competencies, the ability to have your voice heard, command respect and be seen as a leader plays a major role in securing a seat at the executive table”. I see this is the main challenge for women in leadership particularly in my industry. Qualities such as emotional intelligence, staying calm under pressure, and the ability to listen and synthesise views, are qualities I believe many, in particular – women, can bring to any situation. They just need to be heard.
My strength of being an astute manager of relationships has assisted me in developing a trusted relationship with senior stakeholders in the business and the board. This has not however compromised my independence to consider the position of company as superior to the interests of management.
Within AVID I am also the company’s crisis manager, privacy officer, governance manager as well as a member of the workplace health and safety committee. Whilst each of these roles carries varying responsibilities and reporting obligations, these appointments provide me with the opportunity to work across several work streams in the business. In-house lawyers should not be concerned about taking on these added responsibilities, as they allow engagement with key business stakeholders and enhance your knowledge of the entire business.
Our external lawyers are simply an extension of our team. It is imperative that they know the internal commercial drivers and the strategic objectives of the business, so that they can offer effective legal services to the business.
Commercially-focused and sound legal advice are essential. I manage the majority of engagements on behalf of the business and use a “horses for courses” approach. I do not seek out a particular firm, but I prefer to work with particular specialist lawyers. I engage top tier, medium sized or specialist firms on capped fee arrangements depending on the nature of the work and volume of work required, as this provides more certainty on legal costs for the business.
Where possible I also prefer to bring on secondees from external firms, particularly when projects or end-of-year workloads grow. Having undertaken several secondments during my time in private practice, I appreciate the essential skills and business acumen you develop by working in-house for a client.
The new anti-bribery and whistleblower legislation has added to the myriad of legislation impacting director liability, on which I run annual training for AVID’s directors and executive committee.
The consumer rights legislation and consumer protections regulations implemented federally and across a number of states over the past 24 months has called for a wholesale review of AVID’s precedent commercial, residential sales, construction and consultancy contracts. Staff information packages have also been developed and rolled out across the business as required.