How challenging candidates were treated in contested corporate elections

December 31, 2018

Here are links to a range of notices of meeting where an external candidate has challenged the incumbent board.

Spark Infrastructure (2017): investment bank James Dunphy given plenty of space to outline his background, followed by a lengthy board rebuttal.

Spark Infrastructure 2016: two challenging candidates with strong CVs but no platform was allowed to be included in the NoM.

AFIC 2013 (p142): The column directing voting down the left hand side against Stephen Mayne was very unfair. Everyone got about 100 words but platform material was censored.

NAB 2009: NAB ran a largely unedited lengthy 400 word bio and platform from Stephen Mayne whilst the incumbent directors just had brief bios. Mayne's pitch was p14 of the NoM and the board produced an equally lengthy rebuttal on p15.

Woolworths 2006 (p182): the numbering was fine and Stephen Mayne wasn't the last candidate but there was a bolded message on chairman's proxy intention, plus a "no vacancy" message that it was invalid to vote in favour of all five candidates. Stephen's platform cut to two paragraphs which was less than the two other candidates and then the board produced a bold red rebuttal on the gambling points.

Alumina 2008 (p10): Did the usual stuff about not verifying material but at least Stephen Mayne's climate change message was included in the platform. Lots of board comment about why Mayne not suitable.

Woolworths 2014 (p4): Allowed quite a lengthy comment about pokies so much better than earlier tilts.

IMF 2012 (p14): David Barrow challenge was treated fairly with non-bolded proxy advice in fine print well below the voting boxes. Was allowed to list topics he would discuss at the AGM.

IAG 2014 (p15): Michael Carlin challenged the board and was treated quite well, placed in the middle of the field with no separation of ballot boxes. The board rebuttal in the NoM was longer than his platform.

Centro Retail 2008 (p15): plenty of space given to Stephen Mayne's independence platform.

ASX 2008: Stephen Mayne's single issue platform was fully ventilated and then fully rebutted.