O'Brien's INM board revolt fails
By Leah McBride Mensching, Friday 13 June 2008 at 15:43 :: Management :: #1783 :: rss
Denis O'Brien has failed to block Independent News and Media board resolutions, The Australian reported Thursday.
Following an annual meeting Wednesday, the rebel investor failed to attract shareholders to support his attempt to block all board resolutions, and votes against proposals ranged from 22 percent to 37 percent.
O'Brien, an Irish telecommunications billionaire, holds nearly 25 percent of INM's shares.
Anthony O'Reilly, the company's biggest shareholder, announced at the meeting the company has delivered a 69 percent earnings growth in the past 10 years, The Australian reported. O'Reilly's son, Gavin O'Reilly, is chief operating officer of INM, and also president of the World Association of Newspapers' executive committee and board.
Comments
No comment.
Post comment