OpinionJune 30, 2026 — 4:18pmThe Australian chapter of giant private equity firm TPG has become a controversy magnet. The firm was already reeling from recent but robustly denied accusations from a former executive that it had a culture of binge drinking and drug taking, and on Tuesday chief executive Joel Thickins pleaded guilty to negligent driving and refusing to take an alcohol blood test.TPG expressed its “disappointment” that Thickins was “involved in a car collision”. That sounds like a very understanding/restrained/understated position from TPG, given a judge noted that “apart from killing or maiming people while driving, his [Thickins’] conduct could not have been worse.”One can only wonder about the fate of, let’s say, the chief executive of BHP or Wesfarmers, if they had been arrested after drunk-driving into several parked cars late one evening and then twice refusing to take a blood alcohol test.Would these large public companies more mindful of optics have employed stricter governance and conduct protocols in the face of their chief executive’s reckless behaviour?Private equity boss Joel Thickins leaving court on Tuesday.BloombergOn Tuesday, Thickins pleaded guilty to negligent driving and refusing to take a blood test after being arrested by police.His refusal to blow into the bag speaks volumes to his judgment and his understanding of the law, to say nothing of his driving skill. (The good news is he hung around after the accident and fessed up to being the driver.)Judge Michael Barko noted Thickins may not have understood the law that refusing a breath test would automatically put him in the highest possible alcohol blood level, which could have exposed him to the risk of a custodial sentence.It’s a humiliating saga for the likes of Thickins – a highly paid BMW-driving master of the universe with a high-octane job of juggling mega-corporate deals, but a person whose refusal to take a blood test was branded by the judge as indignant, argumentative and obstinate.“Since the collision occurred, TPG has undertaken a comprehensive third-party investigation into the circumstances surrounding the collision,” TPG said in a statement after Thickins was issued with a $1430 fine and disqualified from driving for nine months.But TPG isn’t letting the public in on the outcome of the Thickins investigations, nor who is conducting it.Rather, it released a somewhat cryptic statement: “We will be communicating directly with our stakeholders in the coming days as to the broader path forward.”So at this stage we are none the wiser about whether Thickins will be subject to professional consequences.That said, surely the circumstances surrounding Thickins’ behaviour that fateful evening in early June have already been trawled through by a court and are in no need of an independent international law firm forensic investigation.Through his lawyers, Thickins issued a press release apologising to “the police, the court and the people impacted by my reckless actions on 1 June,” and promising it won’t happen again.“I am fully aware of the seriousness of the matter and know that I have let down my family, my friends and the community,” he said.Thickins’ driving escapade is only one chapter of TPG’s book of alleged scandals. The firm has already conducted an investigation around the allegations made by former executive Rob Speedie, who The Australian Financial Review reported had been handed a large payout after threatening to expose an alleged drug and booze-fuelled workplace.TPG has undertaken a comprehensive third-party investigation into the circumstances surrounding this allegation and determined there is nothing to see here.The entrails of that investigation will surely never be made public.The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.From our partners