Pipped at the post in Macquarie tilt
January 17, 2008
Ian Porter and Stephen McMahon from The Age produced this column after the 2006 Macquarie Bank board tilt.
Shareholder activist, parliamentary wannabe and serial board nominee Stephen Mayne was only 94,255,426 votes away from election to the board of the Millionaires' Factory at Macquarie Bank's AGM. But that wasn't close enough to register with the bank.
MacBank announced to the exchange in the afternoon that all motions put before shareholders had passed, but when one scanned the schedule of votes, one could see clearly a row of figures stood out.
While all other resolutions enjoyed support well above 90 per cent, Mayne's bid for a board seat won only 15.53 per cent of votes. The bank issued a correction soon after to clear up any uncertainty the numbers hadn't already rubbed out.
"Further to the earlier announcement of 20 July, 2006, please be advised that resolution 5, the proposed election of Mr Stephen Mayne to the board of Macquarie Bank was not passed."
This is not a good omen for Mayne's state parliamentary ambitions.
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