As reported in the June 16 edition of The Mayne Report
OZ Minerals tilt
Our Oz Minerals tilt fell a bit flat last week when the vote failed to make double figures. That said, the debate at the AGM was lively, but Oz Minerals refuses to put up the full archive of the AGM webcast, limiting it to just the CEO and chairman presentations. In this regard, they've done a QBE and so far they are refusing to reply to email, even though I was a candidate.
Meanwhile, check out this collection of Oz Minerals videos
The only mainstream media coverage for the tilt was this little dig in The Australian's Strewth gossip column:
Viva Don Quixote
In another life, Strewth used to train puppies (and yes, the skills do occasionally cross over). Of all the breeds we encountered, when it came to sheer, pig-headed obstinacy, determination and persistence in the face of reality, nothing could touch the beagle. This thought crossed our mind when contemplating shareholder activist, journalist, Crikey founder and Glenn Milne's stage partner Stephen Mayne. Yesterday's Oz Minerals annual general meeting saw Mayne make his 34th doomed tilt at getting on to the board of a public company. Still, although 89.3 per cent voted against him, 7.1 per cent were in favour. Should serve as sufficient encouragement for doomed tilt No.35.
Go here to see some discussion on the campaign and issues in the May 12 members update.
Campaign platform from the notice of meeting after some minor tinkering by the company:
MR STEPHEN MAYNE AGE 39, B COM (MELB)
Mr Mayne has been nominated by another shareholder (the wonderful wife Paula Piccinini) for election. He has supplied the following information which has not been verified by the Company.
Mr Mayne is a Walkley Award winning business journalist, a councillor of the City of Manningham and a long-time shareholder advocate for improved corporate governance and board accountability. Mr Mayne founded Australia's best known independent ezine www.crikey.com.au and now publishes the corporate governance ezine www.maynereport.com.
Mr Mayne has said that he is standing for the OZ Minerals board as a catalyst for change. Mr Mayne has said that he believes that there needs to be more boardroom accountability for OZ Minerals' financial position and the decision last year to ignore an overwhelming shareholder vote and award an $8.3 million retirement payment to former Oxiana Ltd Managing Director and Chief Executive Officer, Mr Owen Hegarty.
Here is the version that was originally submitted with the nomination:
Stephen Mayne, age 39. Bcom (Melb). Stephen Mayne is a Walkley Award winning business journalist, City of Manningham councillor and a long-time shareholder advocate for improved corporate governance and board accountability. He founded Australia's best known independent ezine www.crikey.com.au and now publishes the corporate governance ezine www.maynereport.com.
Mr Mayne is standing for the Oz Minerals board as a catalyst for change. There needs to be more boardroom accountability for the company's precarious financial position and the decision last year to ignore an overwhelming shareholder vote and award an $8.3 million separation payment to former Oxiana Resources managing director Owen Hegarty.
Oxiana Resources April 17, 2008
Lively debate and plenty of laughs trying to get Owen Hegarty up as CEO of the combined company after Zinifex merger - see package of highlights
Zinifex (EGM) July 26, 2007
Disposal of smelters approved, debate over "doing a James Hardie" - see Crikey.
Oxiana May 2, 2007
Another bullish performance from hyper-ventilating CEO Owen Hegarty - see package of highlights.
Oxiana April 20, 2006
Remuneration report almost defeated but they refused to explain why for two months - see package of highlights.
Zinifex outrages, super governance, Rich List and much more June 18, 2008
Hegarty payout rolled, history is made July 18, 2008