This is worth a reread, a follow up now five years on would make interesting viewing in my opinion.
Greg Hoy reports.
JENNY HUTSON, WELLINGTON CAPITAL: It is about bringing the general on the field of battle, who in this instance, is Andrew Peacock to account.
When Andrew took over as chair, the company was worth in excess of $2 billion. It last traded at less than $500 million. So, less than 25 per cent of that value. And corporate Australia has always been about accountability, as has political Australia.
JENNY HUTSON: The board, led by Andrew Peacock, has to take responsibility for that. The market was shocked. We've got a board that's appointed an administrator as its corporate adviser that's selling assets at significantly less than what they cost.
JENNY HUTSON: Unfortunately, Andrew Peacock is not willing, ready and able to step aside as chair of MFS and that's the point of difference. We think that it is in the best interests of shareholders for him to step aside and let those who want to drive the company forward take control.
JENNY HUTSON: With people whose lives have truly been destroyed in a financial sense by the plight of MFS, is something that is just extraordinary. This is about ordinary Australians, who believed what they read, who put trust and faith in the board and there's an enormous human cost
Full transcript here http://www.abc.net.au/7.30/content/2007/s2186788.htm
OCV
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