Transurban rem report goes down and two Packer meetings today
February 2, 2010
Dear Mayne Reporters,
We've updated the 12.45am edition on Transurban's unprecedented shareholder revolt last night to take in the formal poll results and some of the media coverage. It turns out that one of the big Canadian Government funds voted at the meeting and they decided to back chairman David Ryan and vote against the remuneration report to confirm it was actually defeated.
With the exception of the Federal Government voting its Telstra stake, this is the first time I can recall a major investor turning up to an AGM and voting stock in a poll. In this case, we're dealing with 190 million shares.
The PR effort by Transurban was just woeful as there was still no statement on their website at 8.40am, even though they have known the formal poll results since about 9pm last night.
Also, there will actually be two James Packer AGMs today, starting with Crown at 11am, followed by Consolidated Media Holdings at 2pm.
We'll have a full account of both meetings later today, plus will be discussing it on 774 ABC Melbourne with Lindy Burns from 5.40pm tonight.
Remember to check out the full account of last night's drama.
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.
We've updated the 12.45am edition on Transurban's unprecedented shareholder revolt last night to take in the formal poll results and some of the media coverage. It turns out that one of the big Canadian Government funds voted at the meeting and they decided to back chairman David Ryan and vote against the remuneration report to confirm it was actually defeated.
With the exception of the Federal Government voting its Telstra stake, this is the first time I can recall a major investor turning up to an AGM and voting stock in a poll. In this case, we're dealing with 190 million shares.
The PR effort by Transurban was just woeful as there was still no statement on their website at 8.40am, even though they have known the formal poll results since about 9pm last night.
Also, there will actually be two James Packer AGMs today, starting with Crown at 11am, followed by Consolidated Media Holdings at 2pm.
We'll have a full account of both meetings later today, plus will be discussing it on 774 ABC Melbourne with Lindy Burns from 5.40pm tonight.
Remember to check out the full account of last night's drama.
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.