Packers slammed by old flat mate in 1999
January 14, 2008
The Packers did not even put the accounts to shareholders for a vote in 1999, as Andrew White reported in The Australian on October 27, 1999.
Judging by the attitude of James and Kerry Packer towards journalists, it seems almost a surprise that they are in the media business.
The spotlight is forever searching out Australia's richest father and son but rarely do they want to answer questions about their business from the pack that invariably gathers at the annual meeting of Publishing & Broadcasting.
As the meeting closed, chairman James made his way out of the hotel ballroom and dismissed the pursuing press with a wave of his hand and a laugh.
Kerry, in good health and good spirits, didn't get away quite so easily, having his path blocked by the scrum, but he was a little more forthcoming. Asked if he had an initial reaction to the recently released Productivity Commission report on broadcasting laws, he simply said: "Not that I am going to tell you.''
It was almost a rerun of last year's meeting, where Packer senior warned a shareholder proxy during the meeting: "You don't want to ask too many questions or you might bring down the wrath of God on you.''
And if you do want to ask a question you have to wait until all the resolutions are passed and the meeting is opened to discussion.
Perhaps uniquely in corporate Australia, the Packers did not put the accounts to shareholders for a vote, and did not invite discussion on any of the resolutions.
Resolutions for the election of five directors were bundled into one omnibus vote and the grant to chief executive Nick Falloon and Nine chief David Leckie of 1 million shares and 700,000 shares respectively was passed without a peep.
So it wasn't until it seemed almost too late that the floor was opened for questions and gossip columnist and shareholder Stephen Mayne (also this writer's former flatmate) took his cue, probing James about whether the public company and the Packers' private interests get an equal look at each deal that comes along.
There was a thwarted bid for half of casino operator Crown by Consolidated Press followed by a successful takeover by PBL. There were also shares in One.Tel, where James's founding investment was followed by increasingly expensive investments by CPH and, lastly, PBL. James was more polished than in last year's maiden performance.
But he was still taking prompts from Falloon on his left and Kerry on the right, seemed well prepared for most of the questions and answered them politely, if not patiently. But when Kerry appeared to take offence at one of Mayne's questions about family interests, James agreed that it was indeed "offensive''.
Not to say that they ducked questions but the approach to the answers was best summed up in a response to questioning about political donations. "We don't have a policy on that and the company is not in the business of disclosing what it does and doesn't do other than the company is working in the best interests of its shareholders to increase shareholder value,'' James said.
After all, they do have a fair chunk of their $6.4 billion net worth tied up in their 37 per cent PBL holding.
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