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Some of these ARU directors have directorships in other companies, some public companies in which you guys directly or via your super funds have money invested. Do you want incompetents looking after your hard-earned savings? A big NO is what I would imagine.
One of the worst of them, and biggest hypocrite is John Eales. The ARU website gives the following information. John Eales..."currently sits on the Boards of the Flight Centre Travel Group, the Australian Rugby Union, FujiXerox DMS, Palladium Group and International Quarterback." Of these Flight Centre (FLT on ASX) is a public company.
I also found out yesterday that John Eales was appointed recently to the board of another public company, a major investment company, Magellan Financial Group (MFG on ASX). He must stand for election in the AGM in October.As a shareholder, I will vote against him. I do not want an incompetent director managing my investment! MFG is currently hiving off a massive new investment fund "Magellan Global Trust", at least $250,000,000 and promoted by several leading brokers and banks. It looks quite attractive, and something that many of you, or your super funds, will be considering. If you are a shareholder in MFG or considering investing in their new fund, vote against Eales and/or write to the Chairman and/or CEO of Magellan Financial Group, and let them know of your lack of confidence in their recent board appointment.
Brett Cairns, Executive Chairman;
Hamish Douglass, Co-founder, Chief Executive Officer & Chief Investment Officer
Hamish Douglass, Chris Mackay (previous Chairman) and a giant US financial services and investment company, FMC LLC (aka Fidelity Investments) are the major shareholders. These are also worth contacting to warn about the new director's shortcomings.
Similar action could be taken by interested shareholders of the other public company, Flight Centre.
Eales' directorship of Palladium Group is interesting. Also a director is fellow ARU director Anne Sherry. Both most likely are there because of fellow director and founding partner David Crombie, who many may remember was the ARU Chairman before Cameron Clyne. What a cosy little arrangement for ARU directors! Write to David Crombie and present Chairman Ken Warriner (longtime mate of the late Kerry Packer) and let them know what you think of Eales and Sherry!
Anne Sherry is also a director of ASX listed Sydney Airport Corporation (SYD) and ING bank. As a shareholder in SYD, I'll be making my opinions known by vote, to the chairman and to major shareholders. Suggest others do likewise.
And last but certainly not the least, the biggest rogue of all, Cameron Clyne. He has been appointed as chairman of the health insurer backed website business, Whitecoat. This is not a public company, but NIB, BUPA and HBF are among the shareholders, and pressure could be directed to them regarding the ethics of their new chairman.
If enough concerned people take action against these other directorships, then this could send a clear message to these idiots that they can not behave as they have without consequences. Hurting them financially may be the only way, as they seem to have no moral consciences.