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Myer board spill avoided, two new directors appointed

Department store Myer failed to avoid a second strike after its Remuneration Report received only ~65 per cent of shareholder votes, triggering a board spill that was ultimately avoided.

The business put the motion of a board spill to its shareholders, which if approved would require the business to hold a ‘spill meeting’ within 90 days that could see its board scattered if not re-elected. The motion was voted down, however, with 62 per cent of shareholders supporting the current board and management team.

Myer’s proposed board changes also went through shareholder approval undeterred by Solomon Lew’s campaign to create a more ‘independent’ board, with each election or re-election passing by a majority of proxy votes before the department store’s AGM even started.

The business wished to have Ari Mervis and Jacquie Naylor elected to the board, as well as David Whittle re-elected: each of which received more than 60 per cent of shareholder votes in approval.

Chairman JoAnne Stephenson said that the business had received many questions from shareholders regarding its interactions with Premier Investments, and that it had unfortunately not yet been able to reach an agreement with the Solomon Lew-headed fashion group.

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