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Lew’s Threats To Overthrow Myer Board Prove Toothless

For the last few years, Solomon Lew has been very vocal in his wish to see the Myer board overthrown and replaced with directors that are more to his own liking.

Lew is Myer’s biggest shareholder, holding a stake of 15.77 per cent, which he raised just this July.

Upon raising Premier Investments’ stake, he was offered a position on the board for the company, which he refused, instead saying, “Premier has nothing to gain from spending time with the members of the current Myer board.

“The only thing Premier will accept from the current Myer board is the resignation of its three remaining non-executive directors.”

Lew and his supporters were able to issue a “second strike” yesterday against the company’s remuneration, but were only able to deliver 30 per cent-plus vote for a board spill.

At any rate, Lew failed to nominate any directors for the Myer board before the September 2 deadline for the November 4 AGM, a date he tried and failed to have pushed back, after complaining that no directors of note would agreed to join a board before seeing the company financials.

He also failed to force an extraordinary general meeting, another of his threats.

Board chairman JoAnne Stephenson pointed out the Lew failed to nominate any of his own board members.

“The Myer board remains open to constructive dialogue,” she said.

“In engaging in any such dialogue, the board has been and will continue to be focused on some key underlying principles, including the majority independence of the board at all times with an independent chairman and proportionate and appropriate representation.

“I note that Premier made the choice not to nominate any ­directors for the consideration of shareholders at this AGM.”

 



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