Shareholder calls for Treasury Group board takeover

annual-general-meeting/financial-services-sector/cent/treasury/

18 November 2009
| By Amal Awad |
image
image
expand image

Treasury Group has acknowledged an announcement from majority shareholder Michael de Tocqueville calling for an extraordinary general meeting (EGM) to eject the current board, but said it is yet to receive notice of it.

De Tocqueville, who failed to be elected to Treasury’s board at last week’s annual general meeting (AGM), said in a press release that he has the necessary support of minority shareholders with more than 20 per cent of the company’s issued capital.

However, Treasury Group managing director Mark Burgess said the group has not been provided with any evidence that this is the case, particularly considering the lack of support for de Tocqueville at the AGM vote.

“The proxies were 85 per cent against [him],” Burgess said.

“There’s no evidence he has the support to call an EGM. Based on 85 per cent, we’re not sure where he’s getting his support.”

De Tocqueville slammed the group’s AGM as “farcical”, arguing that the board did not “share with owners their thoughts as to optimum overall size of the company, its current health, opportunities within the financial services sector and, in particular, the company’s real area of expertise”.

However, Burgess said the group received “very positive” feedback from shareholders following the meeting.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS