Wilson Asset Management chairman Geoff Wilson this morning issued a directive to Myer chairman Garry Hounsell, notifying him the 7% shareholder would be looking for changes at the company's upcoming annual general meeting.
The second-largest shareholder in struggling department store Myer has told the company's chairman to permanently reduce its number of directors and slash their fees in a further escalation of tensions between the retailer and its biggest investors.
"I note that in the 2020 annual report that the non-executive directors have accepted a 16.7 per cent fee reduction in response to the impact of COVID-19," Mr Wilson said."Our belief is the reduction needs to be permanent. We would also call on the board to reduce the directors' aggregate fee pool to reflect the current market capitalisation of Myer.
At the time, Mr Lew called for the board and Mr King's resignation but did not indicate if he would call an extraordinary general meeting to start the process. Any move to depose the retailer's leadership would likely require Mr Wilson's support.
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