Potential board spill and new SCA Chairman not secured
Back in August when SCA released their results to the market, current Chairman, Max Moore-Wilton also announced the appointment of three non-executive, independent directors to the SCMG Board. These were Robert Murray, Kathy Gramp and Glen Boreham. Each is likely to be elected in at the company’s annual general meeting on October 21.
Max himself is also set to leave the company, resigning his role as Chairman of the. His exit is planned for the current financial year, once a successor is secured.
On that front, the AFR has reported that none of the current board directors; Leon Pasternak, Chris de Boer or Peter Harvie have put their hats in the ring for the role of Chairman, and at this stage nor have any of the new Directors slated.
Max Moore-Wilton also confirmed to AFR that no directors had yet applied for his role saying: “The process of a replacement chairman is one we wanted to take place in a considered and mature way and we still are looking at possible candidates, but nobody is excluded”
Following the rejection of the remuneration report by shareholders last year, under the ‘2-strikes’ rule of the Corporations Act should a second rejection occur there will be a spill of the entire board. The Board spill meeting resolution is included in the company’s current notice of the AGM which you can view here.