Preview to Stan Howard Cumnock showdown

Greetings from our favourite Sussex St net cafe as we prepare to go into battle with the Prime Minister's brother Stanley Howard at the Cumnock Coal AGM this afternoon.

Can you believe that Stan Howard is offering himself up for another three year term. He is Australia's worst performed professional director and should be voted down by the shareholders. How can you preside over the collapse of National Textiles, the effective collapse of garden products group Yates and the disasters that struck poor old GIO and caused a $1 billion reinsurance write off.

The lads at Oroton International - which recently took over the Morrisey fashion label - had the good sense to see the writing on the wall and Stanley is in the process of retiring as chairman there. So why the hell is he coming back for another three years at Cumnock? Stan was no good for a Hunter Valley textiles business so what does he bring to a Hunter Valley coal mining company?

Please don't think that I'm targeting Stan Howard because he is the PM's brother. We target poorly performing directors and his record speaks for itself.

Stan is in the same category as Tony Daniels, who has presided over huge wealth destruction at Orica, Pacific Dunlop and Pasminco. Everywhere that Tony and Stan go we go until they recognise it is time to bail out and give someone without too many skeletons a go.

The same applies to any director of HIH who still sits on the board of other listed companies.

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