Exec scandals, fines and M&A gaffes under the spotlight as AGM season heats up
Two months of annual general meetings will test the country’s top corporate leaders. But investors may yet find stock prices deliver a positive surprise.
As the chairs and chief executives of Australia’s largest companies prepare to host their annual general meetings over the next two months, a string of high-profile names are set for a grilling by shareholders.
WiseTech Global and Mineral Resources will present new-look boards after scandals involving their respective founders’ private lives late last year revealed deeper governance issues. Investment fund Perpetual and media group Southern Cross Austereo are both under fire after failed and unpopular M&A moves.
Banking giants Macquarie and ANZ have been hit with substantial fines following legal action by the securities regulator, while CSL and James Hardie — two of the biggest losers from this year’s earnings season — are among those facing board spills after strikes last year.
“An issue that comes up quite a lot is around the capability of the directors themselves,” said Rachel Waterhouse, CEO of the Australian Shareholders’ Association (ASA).
