Frank's Black Eye for Shareholder Democracy

Intelligent Investor

Independent Financial Research

Frank's Black Eye for Shareholder Democracy. Two weeks ago, Frank Lowy spat the dummy when it looked like he wouldn't get the support he needed to split the Westfield empire. Rather than accept that his wishes would be denied, the board postponed and rescheduled the meeting. They spent the next two weeks on the phones encouraging other shareholders to accept, and perhaps encouraging the more compliant shareholders to buy more stock. The Westfield demerger meeting went ahead today, and this time a not-so-cranky Franky got his way. One-sidedly, the ability to postpone the meeting sits with the board, who in this case were desperate for an 'Aye' vote to please their paymaster. Anyone else see the gross unfairness in all this? Frank won today, shareholder democracy lost. (VIEW LINK)

2 topics

Intelligent Investor
Intelligent Investor
Independent Financial Research

Intelligent Investor is an independent financial research service with a 14-year history of beating the market. Our value investing approach empowers Australians to make more informed decisions to build their long-term wealth. We off structural...


No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.


Please sign in to comment on this wire.