Nine shareholders urged to 'hold directors accountable' for toxic culture
An influential proxy advisor has urged shareholders to vote against Nine's chair Catherine West and director Andrew Lancaster at this week's AGM following a spate of scandals.
Nine Entertainment’s board faces mounting pressure over the company's toxic internal culture, with an influential proxy adviser urging shareholders to vote against the re-election of chair Catherine West and prominent director Andrew Lancaster at this week's annual general meeting.
Institutional Shareholder Services (ISS) has advised investors to vote against West, who will face shareholders for the first time as chair this week, and Lancaster, the representative of top shareholder and billionaire Bruce Gordon, following a series of scandals and after an external review found systemic abuse of power inside the company.
“Shareholders may seek to hold directors accountable for the failures of governance, board and risk oversight, with specific reference to the issues identified by the Intersection Report on workplace practices and culture involving systemic issues with abuse of power and authority; bullying, discrimination and harassment; and sexual harassment,” reads the ISS report, seen by Capital Brief.
While the ISS report has been mentioned in passing before in a story published by Nine's Financial Review, the extent of the proxy adviser's misgivings with the board has not been detailed until now.
