Computershare's unhelpful chairman in 2002

Crikey popped into the Computershare AGM this morning and despite being disappointed with the monosyllabic answer by chairman Sandy Murdoch, was generally impressed with the presentation from CEO Chris Morris.

Computershare remains a unique Australian success story that is the only company anywhere with the ability to offer global share registry services. This morning they secured a $5 million deal with Charles Schwab and also won the Foster's share register tender, however profit it tipped to fall 25 per cent in the first half but will be close to flat on the full year.

Murdoch is chairman of the teetering ERG and two other companies so maybe it is time that deputy chairman Peter Griffin stepped up to the mark and replaced him.

Computershare produced a new constitution two years ago but did not change the upper limit of 7 directors which it has now reached. This morning we approved an increase in non-executive director fees from $360,000 to $500,000 but the addition of a new American NED on $US75,000 a year will push the total fees right up against the limit.

Anyone pushing for more NEDs can be rebuffed by these limitations which should be removed as soon as possible.

The company does not have a majority of independent directors and needs to correct this quickly, as it probably explains why relations with institutional Australia remain tense after recent profit warnings.

Morris tore strips off Telstra when they very wisely sold out two years and then also slammed analysts and institutions when the stock price tanked.

I suggested that he should be less combative and just focus on running the business, leaving shareholder issues to the market.

The best chairman Murdoch could offer was that "everyone is different and thank god for that".

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