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Analysis and Comment (8)

Activists have a range of options available to them to voice their anger at a company’s decisions. Dan Peled/AAP

The 100-member rule may be gone, but shareholder activism is here to stay

As part of its program to cut red tape and bureaucracy, the Australian government is set to repeal the 100-member rule. The rule contained in the Corporations Act forces a company to hold a general meeting…
The Fairfax board is one of 22 who have fallen foul of new provisions meant to empower shareholders. AAP/Julian Smith

Shareholder activism: the virtuous and the venal

The era of passive shareholding where investors patiently waited for companies to offer dividends (or simply sold their shares and moved on) is gone forever. Shareholdings are no longer largely distributed…
Blue Scope Steel’s Paul O'Malley has sought to sidestep shareholder anger with his decision to forgo a performance bonus. AAP

Strike two and you’re out… it’s board spilling season

It’s reporting season and the interest in executive pay is heating up again. Alan Joyce is the latest CEO to forgo a bonus, joining a growing number of high profile business leaders including Rio Tinto’s…
If she is unable to gain seats on the board, Gina Rinehart can still establish a control base by initiating a takeover of Fairfax and offering a premium to shareholders. AAP

Paying a premium could shore up Rinehart’s control of Fairfax

Fairfax Media Ltd’s constitution enables the board to allocate board places in addition to the existing directors up to the maximum number of directors allowed in the constitution - not more than 12 unless…
Fonterra is one of the world’s largest cooperative organisations. But will its changed capital structure still allow it to be a cooperative at heart? Onno B

Fonterra’s new frontier: will it still be a cooperative under its new share-trade scheme?

Yesterday, 10,500 New Zealand farmers voted to allow Fonterra, one of the world’s leading dairy cooperatives, to be exposed to outside investors for the first time. 66.45% of Fonterra members voted for…
Despite Cameron’s half-hearted efforts, democratisation of listed UK corporations is unlikely. AAP

‘Empowering’ shareholders won’t revolutionise corporate culture

Executive remuneration is out of control in the United Kingdom. The final report by the High Pay Commission concluded that “there is rarely a link between directors’ incentives and the way a company performs…
Two strikes - a term borrowed from baseball, now being applied to Australian executive pay. EPA/Arleen Ng

‘Two strikes’ law for shareholders, but will it curb executive pay?

Australia’s new “two strikes” law giving shareholders more power to curb excessive executive pay packets, promises to shake up some businesses. Homewares company GUD Holdings has already been hit with…

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