ASA wants DJs chairman out
The Australian Shareholders' Association will step up its push for the removal of David Jones chairman Dick Warburton this week as recognition of the company's poor performance in recent years. The ASA is urging shareholders to vote against Mr Warburton's re-election at this week's AGM.
The ASA has been critical of DJs for some time but Mr Warburton has ignored calls to quit and said he will assess his position at the end of a three-year strategy to turn the company around. The ASA says Mr Warburton has presided over “six years of unsatisfactory performance” and has a workload too heavy to properly focus on DJs. He is chairman of Caltex and also a director of Southcorp, Tabcorp and Nufarm, and has recently stepped down as chairman of AurionGold and will soon retire as a Reserve Bank director. The ASA has approached several large institutional shareholders on opposing Mr Warburton's re-election but has not had a response as yet.