No Mayne attraction for the ASX board

The get-together season is about to get into full swing and already serial annual meeting flea Stephen Mayne has popped up for election to the board of that monopolist outfit the Australian Stock Exchange.

Only three people can be elected as directors, and the incumbent board, naturally enough, won't have a bar of Mayne, an Internet gossip sheet provider.

The board unanimously supports the election of Maurice Newman, John Fraser and Trevor Rowe - all existing ASX board members.

The exchange told its shareholders in a screed accompanying the election material that board members were selected for their individual qualities, relevant background in financial markets and for the contribution they made to the overall board composition.

There is an employment history of each candidate, including an offering from Mayne that goes a thus:

"As an advocate for shareholder rights and an active investor for 12 years in more than 100 stocks, Mr Mayne has a unique perspective from having asked questions at about one 150 annual general meetings."

Mayne also advised that he believed the stock exchange should provide 10 years of company announcements gratis on its website to allow for a more fully informed market.

Not a bad idea and one that would redress the disgraceful information cutback that was made when the exchange readied itself for public ownership.

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