Cracking new video, BHP tilt, ASX conflicts, Rupert buy and recent trading
February 2, 2010
Dear Mayne Reporters,
Greetings from room 2702 of the Marriott Hotel on the Gold Coast ahead of a presentation later today at the Australian Investors' Association annual conference when 300 delegates will hopefully be persuaded that better corporate governance is in their interests.
Col Allan video
First things first, you'll laugh out loud after watching this video reflecting back on my all time favourite moment on Channel Nine's soon-to-be-defunct Sunday program when Rupert Murdoch's most notorious tabloid editor was stitched up on national television over his toiletry habits.
ASX tilt timetable and conflicts
The time has come to finalise the slate of board tilts at the coming AGM season and the process starts with establishing which meetings are being held when and where.
It turns out that ASX Ltd will be first out of the blocks on September 24 in Sydney, which means the nomination deadline is August 6, based on the standard 35 days notice that is required.
I'll be formally lodging the nomination early next week and the single issue platform will be that the ASX immediately rescind all waivers given to the various Babcock & Macquarie Group listed vehicles and require them to publish the full management contracts. This will be very interesting given that Macquarie Group director Peter Warne and Babcock & Brown audit committee chairman are both on the ASX board.
When you consider that Frank Lowy's tax haven adviser David Gonski is the incoming ASX chairman and that Macquarie and Babcock are really pushed the forum shopping envelope with all these Bermuda plays for their listed funds, there is an argument that the lunatics are in charge of the ASX asylum and the board needs some strong governance advocates to help lift standards a touch.
Unfortunately, that won't be me as the platform will promise to resign as soon as the various waivers are lifted, in order to try and structure something that the powerful proxy advisers and their clients could support. Russell Aboud and BrisConnections chairman Trevor Rowe are the two directors likely to be up for election this year.
Investigating a BHP tilt
Given the mess that is NAB in the post-Argus era and a firming view that BHP-Billiton shouldn't be wasting all this time and money trying to buy Rio Tinto, I'm contemplating a crack at the Big Australian's board on a platform that it is time for Don Argus to give the game away after a decade in charge.
There is some talk that Argus wants to move BHP-Billiton's headquarters from Melbourne to London. After all, he recently poached Melbourne-based Risk Metrics research director, Professor Geof Stapleton, to become BHP-Billiton's global governance boss and promptly sent him to London.
Any such BHP-Billiton campaign would include calls for Billiton to be dropped from the name and the London dual listing also to be ditched, just like Argus did with Brambles a couple of years ago.
I've never run for the board of a dual listed company before so it would be useful to experience the process, although the budget won't extend to attending the October 23 London meeting in person. At least the Australian meeting, after which all the proxy votes will be revealed, is being held in Melbourne on November 27.
From the press room: Alphaville and Global Proxy Watch
We've generated a little bit of media coverage of late. Our last edition on Singapore Inc's huge investment losses in Australia was picked up by The Financial Times' Alphaville blog. It does seem strange that Singapore's recent huge investment blunders aren't getting a bigger run, especially Down Under given they own more Australian business assets than our own government.
Similarly, the governance newsletter Global Proxy Watch gave our coverage on Owen Hegarty being denied his $10.7 million golden goodbye from Oxiana a good run in its latest edition, which also included a big attack on Risk Metrics for allegedly having conflicts of interest from servicing companies whilst telling institutional shareholders who to vote for.
Share dealing and yesterday's ABC radio spots
I've taken the plunge and bought $3000 worth of ANZ shares today at $15.50 and disclosed it on the ABC. How low can it go? Have a listen to the regular chat with Deborah Cameron on 702 ABC Sydney yesterday about tumbling bank shares, Qantas and NSW state budget, along with a discussion with Lindy Burns on 774 ABC Melbourne about market turmoil, Qantas and the Starbucks withdrawal.
Finally, here is an update of all our recent share trading and we should explain that the News Corporation buy was to keep the value of the faltering stake above $US2000, because you must have owned $US2000 worth of shares continuously for 12 months to be eligible to put a shareholder resolution at US company AGMs. The deadline has passed for this year and I've kept out of the game, but the options remain open for the 2009 AGM.
July 29
ANZ: bought 200 at $15.50
July 24
GPT Group: sold 2000 at $1.82
July 21
Macquarie Infrastructure Group: sold 1500 at $2.37
July 18
Mirvac: sold 1300 at $2.47
July 16
Viridis Clean Energy: bought 758 at 66c
July 15
Mirvac: bought 1500 at $2.01
Allco Equity Partners: bought 1900 at $1.63
July 14
News Corporation: bought 50 at $15
July 11
Heron Resources: bought 1250 at 40c
Runge Limited: bought 500 at $1.00
July 10
Great Southern Limited Trees2: bought 9 at $59.90
Australian Leaders Fund: bought 642 at 78c
Macquarie Infrastructure Group: bought 1500 at $2.01
GPT Group: bought 2000 at $1.60
July 9
Homeloans: bought 2000 at 40c
Macquarie CPS Trust: bought 6 at $95.10
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.
Greetings from room 2702 of the Marriott Hotel on the Gold Coast ahead of a presentation later today at the Australian Investors' Association annual conference when 300 delegates will hopefully be persuaded that better corporate governance is in their interests.
Col Allan video
First things first, you'll laugh out loud after watching this video reflecting back on my all time favourite moment on Channel Nine's soon-to-be-defunct Sunday program when Rupert Murdoch's most notorious tabloid editor was stitched up on national television over his toiletry habits.
ASX tilt timetable and conflicts
The time has come to finalise the slate of board tilts at the coming AGM season and the process starts with establishing which meetings are being held when and where.
It turns out that ASX Ltd will be first out of the blocks on September 24 in Sydney, which means the nomination deadline is August 6, based on the standard 35 days notice that is required.
I'll be formally lodging the nomination early next week and the single issue platform will be that the ASX immediately rescind all waivers given to the various Babcock & Macquarie Group listed vehicles and require them to publish the full management contracts. This will be very interesting given that Macquarie Group director Peter Warne and Babcock & Brown audit committee chairman are both on the ASX board.
When you consider that Frank Lowy's tax haven adviser David Gonski is the incoming ASX chairman and that Macquarie and Babcock are really pushed the forum shopping envelope with all these Bermuda plays for their listed funds, there is an argument that the lunatics are in charge of the ASX asylum and the board needs some strong governance advocates to help lift standards a touch.
Unfortunately, that won't be me as the platform will promise to resign as soon as the various waivers are lifted, in order to try and structure something that the powerful proxy advisers and their clients could support. Russell Aboud and BrisConnections chairman Trevor Rowe are the two directors likely to be up for election this year.
Investigating a BHP tilt
Given the mess that is NAB in the post-Argus era and a firming view that BHP-Billiton shouldn't be wasting all this time and money trying to buy Rio Tinto, I'm contemplating a crack at the Big Australian's board on a platform that it is time for Don Argus to give the game away after a decade in charge.
There is some talk that Argus wants to move BHP-Billiton's headquarters from Melbourne to London. After all, he recently poached Melbourne-based Risk Metrics research director, Professor Geof Stapleton, to become BHP-Billiton's global governance boss and promptly sent him to London.
Any such BHP-Billiton campaign would include calls for Billiton to be dropped from the name and the London dual listing also to be ditched, just like Argus did with Brambles a couple of years ago.
I've never run for the board of a dual listed company before so it would be useful to experience the process, although the budget won't extend to attending the October 23 London meeting in person. At least the Australian meeting, after which all the proxy votes will be revealed, is being held in Melbourne on November 27.
From the press room: Alphaville and Global Proxy Watch
We've generated a little bit of media coverage of late. Our last edition on Singapore Inc's huge investment losses in Australia was picked up by The Financial Times' Alphaville blog. It does seem strange that Singapore's recent huge investment blunders aren't getting a bigger run, especially Down Under given they own more Australian business assets than our own government.
Similarly, the governance newsletter Global Proxy Watch gave our coverage on Owen Hegarty being denied his $10.7 million golden goodbye from Oxiana a good run in its latest edition, which also included a big attack on Risk Metrics for allegedly having conflicts of interest from servicing companies whilst telling institutional shareholders who to vote for.
Share dealing and yesterday's ABC radio spots
I've taken the plunge and bought $3000 worth of ANZ shares today at $15.50 and disclosed it on the ABC. How low can it go? Have a listen to the regular chat with Deborah Cameron on 702 ABC Sydney yesterday about tumbling bank shares, Qantas and NSW state budget, along with a discussion with Lindy Burns on 774 ABC Melbourne about market turmoil, Qantas and the Starbucks withdrawal.
Finally, here is an update of all our recent share trading and we should explain that the News Corporation buy was to keep the value of the faltering stake above $US2000, because you must have owned $US2000 worth of shares continuously for 12 months to be eligible to put a shareholder resolution at US company AGMs. The deadline has passed for this year and I've kept out of the game, but the options remain open for the 2009 AGM.
July 29
ANZ: bought 200 at $15.50
July 24
GPT Group: sold 2000 at $1.82
July 21
Macquarie Infrastructure Group: sold 1500 at $2.37
July 18
Mirvac: sold 1300 at $2.47
July 16
Viridis Clean Energy: bought 758 at 66c
July 15
Mirvac: bought 1500 at $2.01
Allco Equity Partners: bought 1900 at $1.63
July 14
News Corporation: bought 50 at $15
July 11
Heron Resources: bought 1250 at 40c
Runge Limited: bought 500 at $1.00
July 10
Great Southern Limited Trees2: bought 9 at $59.90
Australian Leaders Fund: bought 642 at 78c
Macquarie Infrastructure Group: bought 1500 at $2.01
GPT Group: bought 2000 at $1.60
July 9
Homeloans: bought 2000 at 40c
Macquarie CPS Trust: bought 6 at $95.10
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.