The Australian Council of Superannuation Investors recommends a vote against Bruce Mathieson Jnr and Bill Wavish in the Endeavour Group tussle.
Why it matters: ACSI super fund members have assets of $1 trillion and include Australian Super, the third-largest shareholder in Endeavour.It also recommends a vote against the move to have ex-Woolworths executive Bill Wavish elected.
The Australian Council of Superannuation Investors, which represents super funds with $1 trillion in assets, is recommending shareholdersACSI is also recommending shareholders vote against the push by Mr Mathieson snr to have Bill Wavish installed on the board to engineer an overhaul of the Dan Murphy’s parent. ACSI members include Australian Super, the third-largest shareholder in Endeavour with a 7.6 per cent stake. The Mathieson family owns 15 per cent.
Mr Mathieson jnr declined to comment on the proxy reports. A source close to him said his focus is acting in the interest of all shareholders and working with the board to improve company performance. The Endeavour board has recommended investors vote in favour of his re-election. disproportionate influence at Endeavour, either through directors directly associated with them, such as Bruce Mathieson Jnr, or supported by them”.
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