Dear Mayne Report readers,
Greetings for the first time since our last
email update on May 7 when we
launched our campaign to unseat Kevin Andrews at the July 2 federal election. If you'd rather not receive these occasional email newsletters, click
here to unsubscribe. If you like it, send this
URL to your friends, particularly if they live in the Federal seat of Menzies.
Don't miss Four Corners tonight
The long campaign to improve Australia's shoddy system of political donations disclosure reaches a critical point tonight when
Four Corners puts its
special investigation to air.
They have footage from the donations debate with Frank Lowy at the recent Westfield AGM in Sydney, plus I also did a sit-down interview with reporter Quentin McDermott.
I've comprehensively previewed
Four Corners in
this Crikey story today, which includes disclosure of my biggest donor so far. Sadly, we won't know the identify of many major party donors until February 1, 2018, if at all.
With front page stories on "donations for visas" issues in
The Age and the
Herald Sun today, plus
revelations in The Age on Saturday about Andrew Robb's Chinese fundraising activities during the China free trade agreement processes, there has never been a better opportunity for reform.
The key will be media pressure on the big parties for specific policies announcements. Are they proposing to retain the world's weakest system of disclosure after the election and how do they defend that?
Kevin Andrews has never answered the question as to why pokies behemoth Clubs NSW
gave him $30,000 for his 2013 re-election campaign, but with multiple candidate forums in Menzies being lined up, surely he won't be able to sustain his silence for the next 40 days.
As for
Four Corners, it is just unacceptable that so many political leaders refused interview requests.
They should be named and shamed on the program tonight. Don't miss it at 8.30pm on ABC1.
Menzies campaign update
Peter Brent produced this
interesting table suggesting that Kevin Andrews had the highest personal vote of any Victorian Liberal MP at the 2013 election given that his primary vote of 58.9% exceeded the Liberal senate vote in Menzies by a healthy 5.5%.
The goal of this campaign is to get the Andrews primary vote down into the 40s and generate one of the biggest swings in Australia against an incumbent MP. Sportsbet seem to think the swing could be on as they are only offering 11-1 if I win, whereas Labor and the Greens are both on 26-1.
Based on these
emails of support pouring in from Menzies voters, there is quite a groundswell of anger and resentment against Kevin for staying around too long, undermining Malcolm Turnbull, branch stacking and trying to impose his 1950s social views on voters.
The Manningham Leader gave him a solid touch up with two negative stories on page 5 last week about branch stacking and homophobic flyers at his Abbott fundraiser, plus they ran my letter in full as follows:
Not impressed
What is going on in the office of Kevin Andrews?
After newspapers reports of ethnic branch stacking,
electorate officer Andrew Ananievski resigned within hours on May 6.
Then, Mr Ananievski popped up in last week's Manningham
Leader criticising former Manningham mayor Jennifer Yang for not resigning
from council quickly enough after she was preselected onto the Labor Senate
ticket.
But why didn't Mr Ananievski disclose to readers that he was
a taxpayer-funded partisan staffer of Mr Andrews at the time he wrote the
letter?
After 25 years, it's time for a different sort of liberal to
represent Menzies.
Stephen Mayne
Former Liberal staffer
City of Melbourne councillor
Independent candidate in Menzies
Elsewhere, we've emailed hundreds of Menzies voters so far, plus delivered flyers in Bulleen, around Westfield Doncaster and in Park Orchards on Saturday. The response from door-knocking has been very warm and there's a real appetite for change.
Most people get the problem of safe seats being ignored by Canberra and understand that if an independent Turnbull supporter wins the seat, there is far greater leverage .
The sorts of issues on the table in a hung parliament scenario were outlined in
this Crikey story last Monday.
If you fancy giving us a hand over the coming weeks, please email stephen@maynereport.com and our existing $35,000 campaign program will need more crowd-sourced support if we are going to pull this off. We're up against a Kevin Andrews machine that will spend more than $500,000 to defend the seat. At the 2013 election, the pokies donations even helped fund overnight security guards to protect the best spots for Kevin Andrews advertising material at the various polling booths.
City of Melbourne transparency revolution continues
Firstly, check out this list of the
50-plus transparency reforms that City of Melbourne has implemented over the past 4 years.
We're not finished yet as a package of audit transparency measures are going to the May 31 council meeting, along with
this motion which, if supported, will effectively introduce an online continuous disclosure regime for donations and gifts above $150.
None of this would have happened without the support of council colleagues from across the political divide.
There is a possibility I will resign from City of Melbourne in June some time to focus on the Menzies campaign but it has been a fabulous reform experience so far and fingers crossed we can get a get a couple more things done, such as greater visibility of the longer term capital works pipeline in the final 2016-17 budget. The
draft budget was a little threadbare in this regard, as there is resistance at both the officer and councillor level based on concerns about raising community expectations as to what will be delivered in the longer term.
Back on the ASA board
Any retail investor worth their salt should be a member of the Australian Shareholders' Association and I was delighted to be elected to the
ASA board at the annual meeting in Sydney last Tuesday.
Here are the
final results of the poll. Support from 93% of the votes cast was slightly up on the 89% support when I first ran back in 2011. Fairfax's Colin Kruger carried a few paragraphs on the ASA AGM at the bottom of this
gossip column, which also references the exciting $100,000 donation which ASA will soon be receiving. The details of this are a great story which is yet to be told.
We had a 7 hour board meeting in Sydney last Wednesday and there's no doubt that the quality of board material is up as compared with my last stint on the board.
ASA is well led by chair and former KPMG partner Diana D'Ambra and I'm looking forward to making a positive contribution in the period ahead.
The
ASA website has an interesting range of research lists, some of which are member-only behind the paywall. Here are a few favourites:
Longest serving ASX 200 directors New CEOs who embrace write-offsMeasuring independent chairs for "skin in the game" Capped SPPs which were then expandedHow retail investors do worse with separate bookbuilds The 100 most important remuneration protest votes 30-plus examples of where retail investors gathered 100 signatures And if you want to see all the research plus the full archive of AGM reports and voting recommendations since 2009, you really should become a member. Click
here.Fighting the pokies, particularly in Bulleen
So, Roger Corbett is
back on the board of ALH, the pokies joint venture between billionaire Bruce Mathieson and supermarket giant Woolworths.
There are seven pokies venues in the City of Manningham, which largely replicates the Federal seat of Menzies, and we have the highest concentration of ALH machines of any seat in Australia.
ALH is the largest pokies operator in Australia with more than 13,000 in the portfolio and its shareholders control 5 of our 7 venues in Manningham.
The suburb of Bulleen is particularly problematic as it has 3 pokies venues and no state government primary schools, courtesy of the mass school closures by the Kennett Government back in the mid-1990s.
Victorian Liberal leader Matthew Guy is the member for Bulleen and no doubt he has read this recent Manningham council report called
Live well in Bulleen, which identifies the heavy concentration of pokies as a social problem.
Kevin Andrews won his 1991 Liberal preselection in one of Bulleen's current pokies venues, the Yarra Valley Country Club, and held his recent Tony Abbott fundraiser in another one just down the road called The Veneto Club.
Finally on the pokies, listen to this
campaign speech from the 2008 Woolworths AGM for a solid example of straight-talking pokies activism which has seemingly had little impact on our biggest pokies operators.
And check out this 30 second
anti-pokies ad made by Paul Bendat a few years ago featuring our daughter Alice, who was 6 at the time:
Pushing for a fairer deal in capital raisings for retail shareholders
It has been a long and sustained battle but here are
links to 8 years worth of articles about how retail investors get ripped off by Australia's capital raising system.
We had a recent engagement with Perth-based nickel miner Western Areas after it proposed capping its share purchase plan at $10 million.
Thankfully, this was lifted to $15 million. A good result all round.
As the ASA regularly advises companies, the fairest way to raise money is by a pro-rata renounceable entitlement offer which treats all shareholders equally and compensates non-participants.
The likes of Western Areas really should consider making the change to this model, rather than continuing its long tradition of selective institutional placements, which haven't always been followed up with an SPP for retail, let alone a decent offer which isn't capped and scaled back.
Donate to help keep us going and hold Kevin Andrews to account
The Mayne Report is free. If you fancy giving us a hand to help fund our activism and keep us going on the political and AGM circuit, just click on the image below:
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Mayne Report Pty Ltd
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Account number: 130897
Or, you can send a cheque to PO Box 925, Templestowe 3106.
The Mayne Report loves lists and here are a few favouritesWe love a good list at
The Mayne Report and here are a few favourites we've worked up over the years:
18 years of remuneration excesses by the Murdoch family
120 local govt councillors who made it into ParliamentThe great honorary doctorates list
Prominent Australians who have sued for defamation
Claimed assets of companies at time of collapseThe great Australian cheque-book journalism listAnd here are a few lists specifically focused on public company directors in Australia:
Surprising lack of protest votes against non-independent executive chairsASX-listed chairs rushed into the job from outsideTracking tenure and gender balance of AFL club boardsCompanies which tried to make it harder for outsiders to run for boardsWhat happens to directors in takeoversCrikey yarns since last editionSince Crikey was sold in March 2005, the freelance contributions to Australia's best known and longest running independent ezine have continued as follows:
2016:
29 stories so far
2015: 108 stories
2014: 51 stories
2013: 19 stories
2012: 56 stories
2011: 71 stories
2010: 64 stories
2009: 50 stories
2008: 264 stories
2007: 354 stories
2006: 295 stories
2005: 257 stories
Here are links to the Crikey stories, all focused on the Menzies campaign, since our last Mayne Report edition on May 7.
Revealing the Menzies campaign for Crikey Monday, May 9, 2016
Minor parties and independents should disclose hung parliament intentions Monday, May 16
Can Four Corners kick-start some campaign finance reform?
Monday, May 23
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From the member edition archiveIf you're a relatively new
Mayne Report reader, here are links to some of the more interesting email editions sent out over the past eight years.
2016 -
3 editions so far
Announcing Menzies tilt as Kevin Andrews embroiled in stacking scandalSaturday, May 7, 2016
Turnbull, Warburton, pokies, AICD, IOOF, Quills, internal audit and much moreMonday, March 22, 2016
Bank royal commission, ASA tilt, Copyright, Piccinini, pokies, Kevin Andrews and Cabcharge Monday, April 11, 2016
2015 - 8 editions AGM season, PAITREOs, pokies, MAV, Copyright, Piccinini sisters, ANZ carbon and transcriptsNovember 5, 2015
Global Integrity Summit, Macquarie, pokies, council update, AGM season and family newsOctober 12, 2015
Battling Slaters, a Stokes shocker, council, CBA litigation, ASA conference and RACV reformsApril 30, 2015
Tenth anniversary of Crikey sale, Aristocrat AGM, council transparency and then someMarch 9, 2015
Why Ministers should support the Liberal leadership spillMonday, February 9, 2015
2014 - 8 editions focused on back half of the year post ASA gig
Special edition on the Victorian election resultSunday, November 30, 2014
Vic election, Herald Sun, Rupert votes, Tex, Xenophon and much morey
Sunday, November 23, 2014
Rupert AGMs, Cabcharge, Costello, Bolt, Ten and Victorian electionSunday, November 16, 2014
CBA tilt, LA visit, Rupert AGMs, Cabcharge and state electionWednesday, November 12, 2014
Cabcharge, donations for Rupert visit and governance reforms at City of MelbourneWednesday, November 5, 2014
Tilts, Fairfax, CBA, Brickworks, Albert Park, ASX, Woolies, pokies and CrownFriday, September 20, 2014
We're back: inside a post-ASA election season blitzMonday, September 15, 2014
2013 - 10 editions with 5 favourites below
Capital raisings, Ansell, IAG, Packer, pokies, Rich List, City of Melbourne and ASA updateMonday, December 23, 2013
Franking robbery, East West trust breach, BHP bonuses, John Gay and plenty moreSunday, August 25, 2013
ASA policy paper, Kevin Andrews on the pokies, Senate preferences and much moreAugust 19, 2013
ASA, Billabong, Westfield, Newcrest, Shorten, Turnbull, pokies and then someMonday, July 22, 2013
Rudd v Gillard, referendum, Labor sleaze, Clive Palmer, ASA, City of Melbourne and plenty moreMonday, June 24, 2013
2012 - only 9 editions given council and ASA commitments
Backing Rudd, Lachlan, Bob Brown media debate, Manningham governance, Gunns and St Kilda AGMMonday, February 20, 2012
The OZ goes mad, Murdoch piracy, AFR, pokies double rate, Gina, council super, BoQ rip-off and power speechWednesday, April 4, 2012
2011 - 21 editions but slowed down after elected to ASA board in May
Murdoch special, media inquiry, pokies, Manningham, Zara, secretive Shortenite crs and Vodafone take-down
Thursday, September 15, 2011
Elected to ASA board, pokies, Rio, Santos, RHG, Hartigan, Manningham, capital raisings and Rich List
Thursday, May 19, 2011
2010 - 39 editions and last year with paid staff
Paperlinx, Packer, Murdoch, Manningham, pokies, Rich ex wives, foreign takeovers and much moreSaturday, October 23, 2010
DJs, women on boards, ex Lib goes no pokies, preferences, Pratt-Shorten, Labor's debt and Manningham council audio
August 3, 2010
Director rankings, Rio, Westfield, MAP, Manningham, Paatsch, state election, rich list, pokies and much moreJune 9, 2010
Political donations, Stokes, Westfield tower, Richard Colless, Manningham nursing home, state debt, Rich List and Grand PrixFebruary 23, 2010
2009 - 40 editions but was slowed down by Manningham council
Seven AGM, crazy Perth visit, Fairfax, Telstra, Transfield, capital raisings and much moreNovember 9, 2009
News Corp AGM, Packer, Fairfax, James Strong, Woolies, Eastern Golf, Kohler-Gatto and much moreOctober 20, 2009
Bad Bendigo, Mark Day, Manningham, pokies, NAB, Asciano, Rich List, Paladin and hostile EGMs
September 15, 2009
Macquarie AGM, Melbourne's decline, Asciano EGM, capital raisings, Goyder's pokies and AGM diaryJuly 28, 2009
2008 - 172 editions in our first and best full year of operation as the GFC hit and before we got overloaded at Manningham71% backing at Centro, $11bn backing at BHP and huge Qantas protestNovember 28, 2008
Combank's $700m ABC Learning debacleNovember 13, 2008
Toll board skewered over $55m executive rortOctober 30, 2008
Rupert's accountability dodge, Macquarie's Italian hit, Babcock funds revamp, pokieact.org and rich lists.October 20, 2008
BHP and Woolies tilts, AFIC push on Stan Wallis, ASX-Kohler yarn and new Rich ListersSeptember 26, 2008
Macquarie videos, Stokes raid, new board tilt, Oz Minerals, share trading and much moreJuly 25, 2008
Owen Hegarty payout rolled, history is madeJuly 18, 2008
Great debate at the Babcock AGMMay 30, 2008
Our liveliest edition yetThursday, May 8, 2008
Burrows quits Fairfax, Rupert, donations, long-serving directors and much more
January 31, 2008
Markets tumble, Rupert book deal, Centro, Rich List, Xenophon, AFR tips and our buying spreeJanuary 17, 2008
2007 - 15 editions as we launched shortly before running in Federal election
Fortescue Metals AGM: time for Twiggy and FMG to grow upSunday, November 8, 2007, 10.30pm
How $5bn worth of votes backed us against Rupert's dodgy gerrymanderSaturday, 20 October, 2007, 7.20am
Family news - lots of sport but not on election day
Kids sport is keeping us very business on weekends at the moment, with 5 games of basketball on a Saturday and two games of football each Sunday.
The girls are football playing together in the U15s and both were thrilled to be selected in the regional team that will soon take on the best players from across Victoria.
Our eldest, Laura, is just 14 and has shot up to be almost 5 foot 11. She's doing well in the ruck and kicked three goals on Sunday, including two from marks in the goal square.
Alice is up from the U12s and is enjoying mostly playing in the forward line, kicking two goals on Sunday.
Phil had a tough game sharing the rucking duties on Sunday, sustaining quite a few scratches and knocks. However, he did notch up 50 games the week earlier and loved running through the banner with two other boys who shared the same milestone.
There's fair bit of excitement in the house about the Federal election. Phil even came out for some door-knocking in Bulleen but the girls are resisting so far.
However, now that the kids are older, the girls are pitching to some of their friends to assist with handing out how to vote cards on polling days.
And with July 2 falling on the middle Saturday of the school holidays, there will be no sporting distractions on the day.
That's all for now.
Don't miss
Four Corners tonight and we'll be back with another update next week.
Do ya best, Stephen Mayne
* The Mayne Report is an email newsletter and website which promotes transparency and good governance in the corporate, political and media worlds. It is published by Stephen Mayne, the founder of Crikey.com, shareholder advocate and City of Melbourne councillor. To unsubscribe from this email list, click here. Authorised by Stephen Mayne, 90 Swanston St, Melbourne 3000.