Pac Brands 2010 AGM

October 26, 2010

Couldn't get any audio of the meeting but read below for what transpired.

October 25, 2010

We started with a visit to the Pacific Brands AGM to explore an issue around some personal and professional relationships involving CEO Sue Morphett.

Chairman James MacKenzie made some contested comments about the scale of the role played by management consultants from McKinsey in the PacBrands decision to ditch Australian manufacturing.

He also admitted that Sue's contract expires in December and that he would be in charge of negotiations over the next few weeks.

I told shareholders it was surprising to leave contract negotiations so late and that it was also a bit unusual to read in the press recently that Sue Morphett had attended her chairman's recent wedding.

Asked if they were personal friends going into a contract negotiation, Mr MacKenzie said he went to university with Sue's partner, although he didn't directly name Charles Sitch.

Sydney Morning Herald

Pacific Brands hair shirt fails to convince market
Ian McIlwraith, SMH, October 26, 2010

This article appeared in the SMH gossip column on Wednesday October 26