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Myer Calls AGM, Defying Solomon Lew’s Wishes

Myer has gone against the express wishes of its largest shareholder, billionaire Solomon Lew, by announcing its annual general meeting will take place on November 4, despite Lew saying the AGM should be delayed in order to give potential outside directors the chance to consider such a role.

Lew has been openly critical of the current board, calling for their resignation and demanding the company release its financials early to give potential replacements enough time to peruse the books.

Lew wrote to Myer’s acting chair, JoAnne Stephenson with this request, and a threat that if his “commonsense” request wasn’t granted, he, as major shareholder with a 15.88 per cent stake, would call an immediate extraordinary general meeting to move to kick out the existing board.

Myer has called his hand, which now gives Lew until 5pm on September 2 to nominate any potential outside directors. None of the potential directors would have seen Myer’s books before the nomination – a risky move for any reputable company director to make.

It seems that it is war within the ranks of Myer. Solomon Lew has the next move.

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