Wednesday meetings, ANZ tilt, Kerr Neilson video, Rich List, Nufarm and McGauchie
February 2, 2010
Dear Mayne Report Subscribers and a few extras,
I'm off to Sydney at sparrows tomorrow for what should be an interesting day attending the Allco Finance Group EGM to approve the controversial $300 million Rubicon related party takeover and then front the board of Canadian controlled Ten Network Holdings at Star City Casino.
The one minor drawback is that both meetings start at 10am so it will be a case of fronting Allco in the ASX Theatrette in Bridge St for a swift dissection of the proxies and conflicts and possible defeat of the deal before hopping a cab to Ten, which will hopefully drag on given there are eight resolutions, including four directors up for re-election.
With the Asper family now formally in control and a change of government, the Ten AGM should be a lively affair and it will be my first since 2001.
Please take the time to watch our latest video, pointing out that only Kerr Neilson's Platinum Asset Management has bothered to send shareholders an interesting Christmas gesture so far. Given the Platinum float generated a $15,000 stag profit in August, I was only too happy to hear from the nation's wealthiest fund manager as we grapple with the solid cash-burn rate of this little start-up.
Today's edition includes the fascinating website of a respected insider now running for the ANZ board, another 40 interesting names for the Mayne Report Rich List, an amusing tale of a recent lunch the former chairman of HIH Insurance was forced to share with me at the RACV and a belated report back from the Nufarm AGM, where Telstra chairman Donald McGauchie delivered a bone-crushing Lathamesque hand-shake after I sprayed him for being belligerent about his shareholder revolt over the remuneration report.
Oh, and please check out our new press room section, which features most stories I've written for Crikey this year, plus a range of recent ABC interviews, including three on the ascension of James Murdoch at News Corp from last Friday and a farewell chat with Virginia Trioli earlier today.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.
I'm off to Sydney at sparrows tomorrow for what should be an interesting day attending the Allco Finance Group EGM to approve the controversial $300 million Rubicon related party takeover and then front the board of Canadian controlled Ten Network Holdings at Star City Casino.
The one minor drawback is that both meetings start at 10am so it will be a case of fronting Allco in the ASX Theatrette in Bridge St for a swift dissection of the proxies and conflicts and possible defeat of the deal before hopping a cab to Ten, which will hopefully drag on given there are eight resolutions, including four directors up for re-election.
With the Asper family now formally in control and a change of government, the Ten AGM should be a lively affair and it will be my first since 2001.
Please take the time to watch our latest video, pointing out that only Kerr Neilson's Platinum Asset Management has bothered to send shareholders an interesting Christmas gesture so far. Given the Platinum float generated a $15,000 stag profit in August, I was only too happy to hear from the nation's wealthiest fund manager as we grapple with the solid cash-burn rate of this little start-up.
Today's edition includes the fascinating website of a respected insider now running for the ANZ board, another 40 interesting names for the Mayne Report Rich List, an amusing tale of a recent lunch the former chairman of HIH Insurance was forced to share with me at the RACV and a belated report back from the Nufarm AGM, where Telstra chairman Donald McGauchie delivered a bone-crushing Lathamesque hand-shake after I sprayed him for being belligerent about his shareholder revolt over the remuneration report.
Oh, and please check out our new press room section, which features most stories I've written for Crikey this year, plus a range of recent ABC interviews, including three on the ascension of James Murdoch at News Corp from last Friday and a farewell chat with Virginia Trioli earlier today.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.
Robert Reeves makes big strides at ANZ
The ANZ AGM next Tuesday should be an interesting affair. It is not surprising they've run to Perth because, as banker to Gunns, they are in the frame for plenty of flak and are already buttering up The Wilderness Society, allocating them a special 5 minute slot to make their statements against the Tasmanian pulp mill.
ANZ is also facing a board tilt from a former senior consultant Robert Reeves, who was once deputy secretary of the Victorian Treasury.
Reeves won a legal struggle with the bank over his termination but has taken action over poor policies in relation to whistleblowers and already some of the executives he targeted have noticed a change in direction since the new broom of CEO Mike Smith swept through ANZ a few weeks ago.
By way of contrast to head in the sand approach of former ANZ CEO John McFarlane, Boral won the Ethical Investor magazine 2007 Corporate Governance award this month, partly for its whistleblower policy where the hotline goes straight to the independent audit committee chair, Elizabeth Alexander, and led to 45 sackings over the past year for breaches of company policy.
For the full inside story on one man's brave campaign for better governance at ANZ, check out Robert Reeves' fascinating campaign website.
We wish him the best of luck in this campaign. Being an outside candidate is never easy but Australian boards need more credible insiders to stand up for better standards and transparency.
ANZ is also facing a board tilt from a former senior consultant Robert Reeves, who was once deputy secretary of the Victorian Treasury.
Reeves won a legal struggle with the bank over his termination but has taken action over poor policies in relation to whistleblowers and already some of the executives he targeted have noticed a change in direction since the new broom of CEO Mike Smith swept through ANZ a few weeks ago.
By way of contrast to head in the sand approach of former ANZ CEO John McFarlane, Boral won the Ethical Investor magazine 2007 Corporate Governance award this month, partly for its whistleblower policy where the hotline goes straight to the independent audit committee chair, Elizabeth Alexander, and led to 45 sackings over the past year for breaches of company policy.
For the full inside story on one man's brave campaign for better governance at ANZ, check out Robert Reeves' fascinating campaign website.
We wish him the best of luck in this campaign. Being an outside candidate is never easy but Australian boards need more credible insiders to stand up for better standards and transparency.
Bumping into power players in strange places
It has been a funny few weeks for bumping into people I've crossed at AGMs in social settings. After the recent RACV AGM, we all went upstairs to the 17th floor for the annual luncheon presentation for members who have clocked up 50 continuous years.
My better half Paula Piccinini is a hard working RACV director (who gave a good speech at the graduation ceremony for the Australian Institute of Company Directors course last night) so we were together hosting a table of veteran RACV members. And who should be seated with us but none other than Geoffrey Cohen, the last chairman of HIH Insurance.
The poor guy has been keeping a very low profile since HIH went into liquidation on March 15, 2001, and on one of the few days he ventures out into public he cops the guys who asked more questions than anyone else at that fateful last AGM on Friday, December 15, 2000, in the Redfern railyards. Geoffrey has been barred by APRA for making misleading statements at that AGM.
Geoffrey's wife didn't seem too impressed but the man himself was very civil and we chatted amiably about the market. Geoff didn't have too many options because the woman sitting next to him was completely nutty and kept talking about wanting to jump off the top of the building.
The only time HIH came up was when I mentioned running into Justin Gardiner, the former chairman of the HIH audit committee, at the Austar and Hutchinson AGMs and that he was a nice bloke. Asked if he'd spoked to Justin lately, Geoffrey politely advised that "legal advice prevented such communication" and then we moved on to another topic.
A similar thing happened last week at the RACV President's dinner when we took the lift from the car park up with former Telstra CEO Mel Ward, who was one of the WA News directors I gave a major bollocking to in Perth last month for allowing The West Australian to be blatantly used and manipulated by disgraced former Premier Brian Burke.
It was all a bit awkward, given Mel was a guest of the RACV's new President, lawyer John Isaacs. The dinner itself was a lavish affair and the highlight was having a 15 minute discussion with Insurance Australia Group CEO, Michael Hawker. It turns out Hawker is a keen collector of artist Patricia Piccinini, Paula's sister, so they also had plenty to chat about. Small world, eh.
My better half Paula Piccinini is a hard working RACV director (who gave a good speech at the graduation ceremony for the Australian Institute of Company Directors course last night) so we were together hosting a table of veteran RACV members. And who should be seated with us but none other than Geoffrey Cohen, the last chairman of HIH Insurance.
The poor guy has been keeping a very low profile since HIH went into liquidation on March 15, 2001, and on one of the few days he ventures out into public he cops the guys who asked more questions than anyone else at that fateful last AGM on Friday, December 15, 2000, in the Redfern railyards. Geoffrey has been barred by APRA for making misleading statements at that AGM.
Geoffrey's wife didn't seem too impressed but the man himself was very civil and we chatted amiably about the market. Geoff didn't have too many options because the woman sitting next to him was completely nutty and kept talking about wanting to jump off the top of the building.
The only time HIH came up was when I mentioned running into Justin Gardiner, the former chairman of the HIH audit committee, at the Austar and Hutchinson AGMs and that he was a nice bloke. Asked if he'd spoked to Justin lately, Geoffrey politely advised that "legal advice prevented such communication" and then we moved on to another topic.
A similar thing happened last week at the RACV President's dinner when we took the lift from the car park up with former Telstra CEO Mel Ward, who was one of the WA News directors I gave a major bollocking to in Perth last month for allowing The West Australian to be blatantly used and manipulated by disgraced former Premier Brian Burke.
It was all a bit awkward, given Mel was a guest of the RACV's new President, lawyer John Isaacs. The dinner itself was a lavish affair and the highlight was having a 15 minute discussion with Insurance Australia Group CEO, Michael Hawker. It turns out Hawker is a keen collector of artist Patricia Piccinini, Paula's sister, so they also had plenty to chat about. Small world, eh.
Donald McGauchie's bone-crushing hand-shake at Nufarm
The other amusing encounter was at last week's Nufarm AGM where I gave Telstra chairman Donald McGauchie a spray about Telstra's remuneration report. Donald was a member of the Nufarm remuneration committee which sailed through with 98% support after the top four executives all took a pay cut for failing to meet profit forecasts.
I told Donald to take note how these things should be handled and he came up for a chat afterward, giving me a bone-crushing hand-shake and asking what sparked the attack.
"Well, I was a guest of Phil Burgess and Telstra at the Walkleys last week so I thought it best to re-assert my independence Telstra by giving you a solid public spray today," came the reply, which didn't much impress Donald.
If you'd like to listen to the Nufarm exchanges, click here for the seven minute debate about the Chinese takeover and here for the remuneration report exchanges and a spray at Qantas director Gary Hounsell. Interestingly, both Hounsell and Donald were re-elected with more than 99% support, re-affirming how institutions fail to punish directors for mistakes at other companies. Surely it would have made sense to send a shot across Donald's bows at Nufarm for his Telstra belligerence in the face of a two-thirds protest vote.
Nufarm has been all over the press since the Chinese Government-led consortium failed to lodge its binding $3.5 billion takeover offer before Monday's December 10 deadline.
Strangely, chairman Kerry Hoggard answered one question by revealing that ChinaChem comprised 60% of the buying consortium, with private equity firms Blackstone and Fox Paine each taking 20%, but this still hasn't been reported anywhere in the mainstream press.
One reason for the delay was that each bid partner was doing its own due diligence so there were teams flying all over the country, getting in each other's way.
Another oddity from the AGM was Allan McCallum, a director of rival fertilizer company Incitec Pivot, getting up and asking a question which basically accused Nufarm of ripping off farmers by making excessive profits.
Having sold five of my six Incitec Pivot shares at the lovely round figure of $100 each this week, McCallum is hardly in a position to be accusing his rivals at Nufarm of making too much money when his own company is now capitalised at more than $5 billion. Still, farmers like McCallum will often put their own interests first, even when serving on a commercial board that is meant to make money.
I told Donald to take note how these things should be handled and he came up for a chat afterward, giving me a bone-crushing hand-shake and asking what sparked the attack.
"Well, I was a guest of Phil Burgess and Telstra at the Walkleys last week so I thought it best to re-assert my independence Telstra by giving you a solid public spray today," came the reply, which didn't much impress Donald.
If you'd like to listen to the Nufarm exchanges, click here for the seven minute debate about the Chinese takeover and here for the remuneration report exchanges and a spray at Qantas director Gary Hounsell. Interestingly, both Hounsell and Donald were re-elected with more than 99% support, re-affirming how institutions fail to punish directors for mistakes at other companies. Surely it would have made sense to send a shot across Donald's bows at Nufarm for his Telstra belligerence in the face of a two-thirds protest vote.
Nufarm has been all over the press since the Chinese Government-led consortium failed to lodge its binding $3.5 billion takeover offer before Monday's December 10 deadline.
Strangely, chairman Kerry Hoggard answered one question by revealing that ChinaChem comprised 60% of the buying consortium, with private equity firms Blackstone and Fox Paine each taking 20%, but this still hasn't been reported anywhere in the mainstream press.
One reason for the delay was that each bid partner was doing its own due diligence so there were teams flying all over the country, getting in each other's way.
Another oddity from the AGM was Allan McCallum, a director of rival fertilizer company Incitec Pivot, getting up and asking a question which basically accused Nufarm of ripping off farmers by making excessive profits.
Having sold five of my six Incitec Pivot shares at the lovely round figure of $100 each this week, McCallum is hardly in a position to be accusing his rivals at Nufarm of making too much money when his own company is now capitalised at more than $5 billion. Still, farmers like McCallum will often put their own interests first, even when serving on a commercial board that is meant to make money.
Another 40 Rich List names
The Mayne Report Rich List of every Australian worth more than $20 million is coming along in leaps and bounds. Another 60 names were added over the weekend and that was after going through about 80 annual reports. We're now approaching 400 names and I'm confident we'll be up over 1000 by the time BRW comes out in May.
Companies that have delivered multiple entrants listed below include Transfield, Charter Hall, MFS, Gunns, PBL, BHP-Billiton, Billabong and Melbourne-based property group APN. See if you recognise any of these names and drop me a line to stephen@maynereport.com if you know of anybody we've missed.
Tony Shepherd: the former Transfield CEO turned non-executive chairman owns 1.68 million shares worth $25 million at the recent price of $15.
Peter Watson: the Transfield Services CEO appears in the top 20 shareholder list with 1.6 million shares worth $24 million with the stock at $15. Was paid $3 million in 2006-07.
Steven McDonald: the CEO of the Transfield Services Infrastructure Fund owns 973,823 Transfield Services shares worth $14.6 million with the stock at $15.
Geoffrey Guest: owns 6.76 million shares in Count Financial Ltd which are worth $19.3 million with the shares at $2.85. Retired as a non-executive director in 2006.
Robert Cooke: the Symbion CEO reportedly pocketed $14 million when Affinity Health was traded by a private equity consortium and was poised to pocket another $10 million from the Healthscope merger before it was blocked by Primary Healthcare.
Chris Catlow: the Fortescue Metals finance director owns 800,000 shares worth about $40 million.
John Cunningham: listed as owning 960,000 shares in Fortescue Metals.
Ralph Norris: the Commonwealth Bank CEO is already more than $10 million in front on his share play and was paid $6.5 million in 2006-07.
Mark Frawley: owned 9.21 million MFS shares before resigning on May 15, 2006. Currently worth more than $40 million.
Michael Hiscock: Gold Coast financial planer who owns 5.05 million MFS shares worth about $25 million and is a non-executive director.
Paul Manka: Gold Coast financial planner who owns 4.87 million MFS shares worth more than $20 million and in a non-executive director.
Rolf Krecklenberg: The Peppers CEO within the burgeoning MFS group owns 4.34 million shares in the parent worth about $20 million.
Rod Pearce: the long-serving Boral CEO has 3.68 million outstanding options and was paid more than $4 million in each of the last two years.
RV Millar: Launceston car dealer who recently joined the Gunns board and owns 6.8 million shares worth $30 million.
Chris Newman: the only mainlander on the Gunns Ltd board and owns 2.77 million shares worth $12.5 million.
John Alexander: the former PBL CEO was paid $6.6 million in 2006-07 and the demerger will see his $15 million contract paid out.
Eddie McGuire: collected $4.7 million from PBL in 2005-06 and $4.2 million in 2006-07 despite getting flicked as CEO.
Colette Paull: one of the earliest Billabong employees in 1973 and now a non-executive director with 2.5 million shares worth $37 million.
Derek O'Neill: The Billabong CEO owns 926,621 shares worth about $14 million and was paid $2.4 million in 2006-07.
Robert Kirkby: departed BHP-Billiton on December 31 2006 with a very handy 770,000 shares which, if retained, would now be worth $34 million.
Chris Lynch: quit as BHP finance director on $4.6 million a year after missing out on the top job and now running Transurban but holds $12.5 million worth of BHP shares.
Andre Biet: co-founder and former managing director of the Charter Hall property group who still holds 5.6 million shares worth about $15 million.
Cedric Fuchs: co-founder and funds management boss of the Charter Hall property group who holds 5.5 million shares worth about $15 million.
David Southon: co-founder and joint former managing director of the Charter Hall property group who holds 8.7 million shares worth almost $25 million.
David Harrison: head of property and funds management division of Charter Hall and owns 8.7 million shares worth almost $25 million.
Andrew Scott: the CEO of Centro Properties Group owns 5.1 million shares worth $30 million and was paid a tidy $3.6 million in 2006-07. Leaving Coles Myer for Centro after 15 years in 1997 was a very good move.
Ron Sayers: founded Perth-based mining services company Ausdrill in 1987 and is still managing director today with 18.9 million shares worth about $45 million.
Gary Connell: successful Kalgoorlie businessman who owns a major fuel distribution business affiliated with BP and sits on the board of mining services company Ausdrill where he has 8.65 million shares worth about $20 million.
Clive Appleton: the former managing director of Centro and Gandel has hit paydirt at APN Property Group where his 10 million shares are worth almost $30 million.
Chris Aylward: the man who ran the Grollo construction empire for many years has got seriously rich by founding APN Property Group where his 49 million shares are worth $140 million.
Howard Brenchley: the property trust researcher and commentator became a player when he joined the board of Melbourne-based APN Property Group in 1998. His 12.6 million shares are now worth more than $30 million.
Robert Rich: the former managing director of Stoddarts Holdings is now deputy chairman of Argo Investments where his 17.5 million shares are worth more than $140 million.
Potter family: the heirs of legendary stockbroker Sir Ian Potter have $370 million worth of shares in Australian United Investment Company if you include The Ian Potter Foundation which is the biggest shareholder with 39.3%.
Charles Goode: the former Woodside and current ANZ chairman owns 781,261 shares in Australian United Investment Company which are worth more than $7 million. Then there are the ANZ, Woodside and various other shareholdings.
Alan Newman: Robert Holmes a Court's understudy attempted to replicate his old boss through the growth of Futuris but after selling $10 million worth of shares in 2006-07, his residual Futuris investment is down to less than $5 million.
Walter Johnson: an old mate of Robert Holmes a Court and his offsider, Alan Newman, who has just retired from the board of agri-business giant Futuris after 26 years as a non-executive director and his 23.55 million Futuris shares are worth about $50 million.
Julian Tertini: the managing director and controlling shareholder in Fantastic Furniture owns 40.8 million shares worth about $170 million.
Peter Brennan: the finance director of Fantastic Furniture owns 10.5 million shares worth about $45 million.
Ken Woodley: the marketing director of Brisbane developer Devine Ltd owns 9.6 million shares which are worth $13.5 million.
John Uhrig: the former chairman of CRA and Westpac recently also retired from the board of Adelaide based communications technology company Codan Ltd after 20 years and his 12.17 million shares worth $10 million.
Ian Wall: co-founder of the Adelaide-based communications technology company Codan Ltd whose 34.8 million are worth more than $30 million. Been a director since 1959.
Phil Sullivan: the managing director of Queensland property developer City Pacific runs an awfully complex operation but appears to be worth more than $20 million despite all sorts of confusing financial relationships in the accounts.
That's all for now.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.
Companies that have delivered multiple entrants listed below include Transfield, Charter Hall, MFS, Gunns, PBL, BHP-Billiton, Billabong and Melbourne-based property group APN. See if you recognise any of these names and drop me a line to stephen@maynereport.com if you know of anybody we've missed.
Tony Shepherd: the former Transfield CEO turned non-executive chairman owns 1.68 million shares worth $25 million at the recent price of $15.
Peter Watson: the Transfield Services CEO appears in the top 20 shareholder list with 1.6 million shares worth $24 million with the stock at $15. Was paid $3 million in 2006-07.
Steven McDonald: the CEO of the Transfield Services Infrastructure Fund owns 973,823 Transfield Services shares worth $14.6 million with the stock at $15.
Geoffrey Guest: owns 6.76 million shares in Count Financial Ltd which are worth $19.3 million with the shares at $2.85. Retired as a non-executive director in 2006.
Robert Cooke: the Symbion CEO reportedly pocketed $14 million when Affinity Health was traded by a private equity consortium and was poised to pocket another $10 million from the Healthscope merger before it was blocked by Primary Healthcare.
Chris Catlow: the Fortescue Metals finance director owns 800,000 shares worth about $40 million.
John Cunningham: listed as owning 960,000 shares in Fortescue Metals.
Ralph Norris: the Commonwealth Bank CEO is already more than $10 million in front on his share play and was paid $6.5 million in 2006-07.
Mark Frawley: owned 9.21 million MFS shares before resigning on May 15, 2006. Currently worth more than $40 million.
Michael Hiscock: Gold Coast financial planer who owns 5.05 million MFS shares worth about $25 million and is a non-executive director.
Paul Manka: Gold Coast financial planner who owns 4.87 million MFS shares worth more than $20 million and in a non-executive director.
Rolf Krecklenberg: The Peppers CEO within the burgeoning MFS group owns 4.34 million shares in the parent worth about $20 million.
Rod Pearce: the long-serving Boral CEO has 3.68 million outstanding options and was paid more than $4 million in each of the last two years.
RV Millar: Launceston car dealer who recently joined the Gunns board and owns 6.8 million shares worth $30 million.
Chris Newman: the only mainlander on the Gunns Ltd board and owns 2.77 million shares worth $12.5 million.
John Alexander: the former PBL CEO was paid $6.6 million in 2006-07 and the demerger will see his $15 million contract paid out.
Eddie McGuire: collected $4.7 million from PBL in 2005-06 and $4.2 million in 2006-07 despite getting flicked as CEO.
Colette Paull: one of the earliest Billabong employees in 1973 and now a non-executive director with 2.5 million shares worth $37 million.
Derek O'Neill: The Billabong CEO owns 926,621 shares worth about $14 million and was paid $2.4 million in 2006-07.
Robert Kirkby: departed BHP-Billiton on December 31 2006 with a very handy 770,000 shares which, if retained, would now be worth $34 million.
Chris Lynch: quit as BHP finance director on $4.6 million a year after missing out on the top job and now running Transurban but holds $12.5 million worth of BHP shares.
Andre Biet: co-founder and former managing director of the Charter Hall property group who still holds 5.6 million shares worth about $15 million.
Cedric Fuchs: co-founder and funds management boss of the Charter Hall property group who holds 5.5 million shares worth about $15 million.
David Southon: co-founder and joint former managing director of the Charter Hall property group who holds 8.7 million shares worth almost $25 million.
David Harrison: head of property and funds management division of Charter Hall and owns 8.7 million shares worth almost $25 million.
Andrew Scott: the CEO of Centro Properties Group owns 5.1 million shares worth $30 million and was paid a tidy $3.6 million in 2006-07. Leaving Coles Myer for Centro after 15 years in 1997 was a very good move.
Ron Sayers: founded Perth-based mining services company Ausdrill in 1987 and is still managing director today with 18.9 million shares worth about $45 million.
Gary Connell: successful Kalgoorlie businessman who owns a major fuel distribution business affiliated with BP and sits on the board of mining services company Ausdrill where he has 8.65 million shares worth about $20 million.
Clive Appleton: the former managing director of Centro and Gandel has hit paydirt at APN Property Group where his 10 million shares are worth almost $30 million.
Chris Aylward: the man who ran the Grollo construction empire for many years has got seriously rich by founding APN Property Group where his 49 million shares are worth $140 million.
Howard Brenchley: the property trust researcher and commentator became a player when he joined the board of Melbourne-based APN Property Group in 1998. His 12.6 million shares are now worth more than $30 million.
Robert Rich: the former managing director of Stoddarts Holdings is now deputy chairman of Argo Investments where his 17.5 million shares are worth more than $140 million.
Potter family: the heirs of legendary stockbroker Sir Ian Potter have $370 million worth of shares in Australian United Investment Company if you include The Ian Potter Foundation which is the biggest shareholder with 39.3%.
Charles Goode: the former Woodside and current ANZ chairman owns 781,261 shares in Australian United Investment Company which are worth more than $7 million. Then there are the ANZ, Woodside and various other shareholdings.
Alan Newman: Robert Holmes a Court's understudy attempted to replicate his old boss through the growth of Futuris but after selling $10 million worth of shares in 2006-07, his residual Futuris investment is down to less than $5 million.
Walter Johnson: an old mate of Robert Holmes a Court and his offsider, Alan Newman, who has just retired from the board of agri-business giant Futuris after 26 years as a non-executive director and his 23.55 million Futuris shares are worth about $50 million.
Julian Tertini: the managing director and controlling shareholder in Fantastic Furniture owns 40.8 million shares worth about $170 million.
Peter Brennan: the finance director of Fantastic Furniture owns 10.5 million shares worth about $45 million.
Ken Woodley: the marketing director of Brisbane developer Devine Ltd owns 9.6 million shares which are worth $13.5 million.
John Uhrig: the former chairman of CRA and Westpac recently also retired from the board of Adelaide based communications technology company Codan Ltd after 20 years and his 12.17 million shares worth $10 million.
Ian Wall: co-founder of the Adelaide-based communications technology company Codan Ltd whose 34.8 million are worth more than $30 million. Been a director since 1959.
Phil Sullivan: the managing director of Queensland property developer City Pacific runs an awfully complex operation but appears to be worth more than $20 million despite all sorts of confusing financial relationships in the accounts.
That's all for now.
Do ya best, Stephen Mayne
* The Mayne Report is a multi-media governance website published by Stephen Mayne with occasional email editions. To unsubscribe from the emails click here.