Kennett pulls blind down at Sofcom EGM
January 17, 2008
Christopher Webb produced the following column item in The Age on September 7, 2001, after the Sofcom EGM.
Jeffrey Gibb Kennett yesterday returned to the dark old days of barring everyone but shareholders from a public company meeting.
In his role as chairman of the $11 million loss incurrer Software Communication Group, Kennett ordered the sole reporter who turned up to leave the meeting.
Kennett was fully within his rights, but someone should tell him that accepted practice these days is to let visitors in, including the dreaded press.
One person not counting on an open-door policy was former Kennett staffer, one Stephen Mayne, proprietor of the Crikey.com.au website.
Mayne was at the meeting - called to approve a $300,000 termination payment to managing director Cary Stynes - as a joint proxy holder with Charles Richardson, the former Kennett staffer who penned the chapter in the recently published Liberalism and the Australian Federation. His words caused John Malcolm Fraser to throw a tantrum.
Mayne and Richardson were representing a Sofcom shareholder who is down 10 grand on his investment.
Mayne apparently questioned Kennett on Cary Stynes' departure, proxies held, and the wisdom of future acquisitions.
Proxy votes in favor were 49 million shares, with 694,578 against.
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