Board renewal debate


April 27, 2010

Here is a transcript from the Seven Network EGMs to vote on the $2 billion Westrac deal held in Sydney on April 20.

Stephen Mayne: tell us more about these new non-executive directors we're getting. I've read in the press that some of you are going to resign? There's some sort of understanding, nothing in the scheme book about it. Could you give us an update as to, I think we're 74, 73 and 68, 46 years of combined service, on some criteria you are no longer independent because of your length of tenure, there's talk about some of you going. Give us an update on what actually is planned, in terms of who's representing the non-Stokes interest going forward.

Peter Ritchie: Thanks for that. The question about our tenure, none of us have plans to retire, and when we do we will do it in the formal and appropriate way. The media report was inaccurate. The additional directors the company has decided to appoint, will be found by one the world's leading search firms Egon Zehnder, over the short term future, and they will be announced as soon as possible.