West Australian Newspapers must use funds to inform shareholders
By Leah McBride Mensching, Tuesday 11 March 2008 at 22:31 :: Management :: #1388 :: rss
The West Australian Newspapers Holdings board will use company funds only to pass along information to shareholders, and not for “electioneering,” Peter Mansell, the company's chairman said, The Australian reported Tuesday.
Electioneering, or defending directors' positions, will not be allowed, he said, following news that 15 candidates are up for four board positions at West Australian Newspapers.
The company's major shareholder, Seven Network, called for a meeting seeking to overthrow West Australian Newspapers' four non-executive directors, due to poor performance, The Australian reported.
“We have to inform shareholders on what we believe the issues are. We'd be derelict in our duty if we didn't,” said Mansell, according to The Australian.
“There have been suggestions the (West Australian Newspapers) board is using the proposition of a 'takeover by stealth' by Seven to justify using company funds as a defence manoeuvre, when the directors are effectively defending their own positions,” The Australian article stated.
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