Department store chain Myer has agreed to cut its board of directors by two and slash its board fees in response to pressure from its second-largest shareholder, Geoff Wilson | domp
Department store chain Myer has agreed to cut its board of directors by two and slash its board fees in response to pressure from its second-largest shareholder, Geoff Wilson.
Director fees will also be reduced, with Mr Hounsell's annual base fee lowered to $250,000 from $300,000 and the other non-executive directors' fees dropping to $100,000 from $120,000. This reduction will remain in place for at least two years, the company said.The moves come after pressure from Myer's second-largest shareholder Geoff Wilson, chairman of Wilson Asset Management, who sent a letter to Mr Hounsell on Tuesday requesting changes at the board level.
Retail billionaire Solomon Lew, who's Myer's largest shareholder and a fierce opponent of its management, alleged in a letter earlier this month that suppliers were "hesitant to do business" with the company, a claim Mr Wilson asked the board to explain. No key suppliers had been lost due to an inability to receive trade credit insurance, Mr Hounsell said.
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