Investors to get active at Annual Meetings
Institutional investors are planning to step up their activity during upcoming annual meetings. As reported in today's AFR, page1 (Showdown: Investors target weak performances) those who can expect more than mere probing questions include Telstra, Pacific Dunlop, PMP Communications, Mayne Nickless, One.Tel, HIH, Goodman Fielder and ST George. The Australian Shareholders Association (ASA) has also warned several companies that it will take an active role at several meetings.
The main areas that are expected to come under greatest scrutiny are : the awarding of options to directors, the re-election of directors and auditors. While increased scrutiny by investors is expected to improve corporate accountability most feel there is a long way to go.