 |
By David Everist as printed in The Border Mail 13/12/03
Serious allegations are surfacing that recent Australian Wool Innovations annual general meeting held at Burswood Resort, Perth, WA, lacked a quorum of at least 50 grower shareholders and should be declared null and void.
The call for another AGM will throw the struggling wool industry into
turmoil and poses significant corporate legal problems for AWI CEO Dr
Len Stevens and chairman Ian McLachlan. Also current statutory funding
arrangement could be jepodised.
Voting procedures for the meeting were in the hands of ASX Perpetual.
A spokesman from ASX perpetual who attended the AGM said that there was
a quorum at the meeting
A high profile Western Australian wool grower who does not wish to be
named said several head counts taken during the meeting had shown there
was less than 53 woolgrower/ shareholders present during the AGM
Australian Wool Growers Association chairman Will Crozier said he was
aware of the startling allegations and was shocked to think that the AWI
board and staff may have breached company law.
Mr Crozier said item 11.2 (a) of the AWI constitution sated that, “all
shareholders or 50 shareholders ( whichever is the lesser) present, constitute
a quorum for a meeting. No business may be transacted any meeting except
for the election of a Chairman (if necessary) and the adjournment of the
meeting unless a quorum is present at the commencement of the meeting.
A spokeswoman from AWI has provided conflicting reports on the number of shareholders at the annual general meeting . In one report she wrote that the meeting had been attended by 53 shareholders.
In latter correspondence she stated that the meeting was attended by
53 share holders and proxy holders.
Under the constitution proxies may only be used for procedural voting
matters not for a quorum.
The total voting right at the AGM was 1,129,367 votes. There were 162,000
proxy votes registered and there were 6,400 votes held by those attending
the AGM.
Mr McLachlan has been reported that he held 65pc of the proxies which
meant he held the power to outvote those attending the AGM.
AWGA Comments
The Australian Wool Growers Association is very concerned by this article published in the Albury Border Mail and has requested full clarification of these serious allegations from Australian Wool Innovation.
According to the AWI Constitution a quorum may consist of shareholders
present either in person or by proxy. AWGA has sought from AWI full copies
of Proxy holder forms in order to establish full compliance.
News Archive 2003
Discussion Papers
Media Links