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.
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