afr article - howes and shareholder defence, page-9

Does anybody know when Mr Smith resigned from Yahoo7?

The ASX criteria is 'within the last 3 years not been employed in an executive capacity by' in this case the 7 Group.

He was appointed to Yahoo7 on June 9 2006.

http://www.bandt.com.au/news/yahoo7-appoints-ian-smith-as-ceo

Irrespective of when he resigned, at the time of the publication of the Annual Report for FY08 (24 Oct 2008) the statement at page 7 in the Directors Report where he is listed as "Independent Chairman" is clearly wrong, according to the criteria.

His appointment to Yahoo7 had only been 2 years and 4 months earlier, as above, I am not sure when he resigned.

If he resigned after 2 December 2007, i.e. less than 3 years before ENG received the proposal from Network Investments on 2 December 2010, then he is clearly NOT independent according to the criteria.

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