From The Australian - appears OM have their fingers in many pies.
The charge from the floor against Harvey Norman’s corporate governance record and the re-election of some directors will be led by the Australian Shareholders Association, which is advising shareholders to vote against the remuneration report and the re-election of David Ackery, Maurice Craven and Ken Gunderson-Briggs.READ NEXTEXCLUSIVEBank axed from first-home loan schemeGEOFF CHAMBERS, PETER VAN ONSELENThe ASA is recommending a vote in favour of the re-election of Ms Page and will also support a motion to spill the board if a second strike is achieved. However, the association has decided to abstain on the election of shareholder activist and corporate gadfly Stephen Mayne to the board. Harvey Norman is not supporting the election of Mr Mayne.Mr Mayne has won the support Ownership Matters for his directorship bid to the $5.3bn Harvey Norman. His only retail experience is selling T-shirts and other merchandise through a website.The AGM is expected to be a highly charged meeting, with Mr Harvey refusing to budge on his investment and business style in the face of criticism from some quarters.Critics question the independence of directors, the valuation of properties owned by Harvey Norman and the formulation of the retailer’s accounts, particularly the accounting treatment of franchisees and debt.Such is the frustration of many proxy advisory firms and some investors that they have rallied around unlikely candidate Mr Mayne in his push to be a director, despite the agitator having no chance of being elected.Harvey Norman is also likely to update the market on its trading performance, with investors keen to see if the retailer has benefited from the recent tax rebates and successive cuts to interest rates in the lead-up to Christmas
ISX Price at posting:
$1.07 Sentiment: Hold Disclosure: Held
