Originally Posted by
Snoopy
With the AGM coming up, time to get those votes in (got my voting form in the mail today). I quote the above two posts to remind shareholders what happened last year. For some reason when I opened the mail today I suddenly felt militant :-I
I have decided to vote AGAINST the reappointment of Grant Baker. Ten years at the top (even if the first five of those were when today's Turners was Dorchester) I think is enough. If the ticket clipping experiment isn't working, time to let someone else take the reins and bring together fresh ideas to move the business forward. I think I would have voted for Baker if he had decided to 'officially' stand down as Chair (after he did stand down for the AGM last year). I think anyone who holds 7% of the shares probably deserves a seat at the board table, But as the leader of the board, I say 'time is up'. Skipping the AGM to attend a Ferrari event shows where Baker's real loyalty lies. If you want a good work ethic at the company, and you are at the top, then you have to walk that walk. Driving around in a Ferrari instead of turning up for the most important day of what is on paper just a 13 day work year does not send the right message.
Alister Petrie is the Bartel Holdings director nomination. Bartel Holdings in the largest shareholder, with 10.99% of the shares on issue at EOFY2019, up from 7.95% at EOFY2018. Alister has a long career in marketing which is a skill set the board need. I will be voting FOR him.
Next the vote on the new company rules. I see they are deleting the rights of shareholders to demand a poll. Given the half hearted leadership culture at board level, I think the ability for shareholders to demand a poll is a good thing. Thus I will be voting AGAINST this motion.
Finally (or should that be firstly) I am happy to support the auditors as they are asking the right questions, especially on the valuations of the insurance contract liabilities.
Sadly I won't be able to get to the AGM myself. Any shareholders out there planning to put in a 'militant' appearance?
SNOOPY