AFIC 2008 AGM Transcript
September 29, 2008
Shane Marden: Thank you chairman. My name is Shane Marden and I work for Stephen Mayne and am here today as his proxy to ask one very simple and polite question. Does the AFIC board still believe it is appropriate to have Stan Wallis on the board of Australia's biggest listed investment company, when Mr Wallis…”
Chairman Mr Bruce Teele: “Can I just stop you”.
Shane Marden: “Yeah ok”
Bruce Teele: “ Umm, we debated this last year at our annual meeting.
Shane Marden: “Yep”
Bruce Teele: “..Stephen was here, and I said I completely disagree with that point of view. The fact is, number one the shareholders voted overwhelmingly against that proposition. And number two, as chairman, my job is to make sure that the board, to look at its function, and I can tell you Stan functions very well. But its not part of this agenda and I'm not going to speak anymore about it.”
Shane Marden: “ I was instructed by Mr Mayne to say that, to call Mr Wallis' resignation and if not, Mr Mayne is formally serving notice today that he'll propose the removal of Mr Wallis at a shareholder meeting in 2009.”
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