In the early votes, it was the small holders backing Sol (917 holders for vs 445 holders against, but the for votes only had 36% of the vote...)
Of those that turned up to vote in person, only 7 voted against Terrance joining the board while 59 voted 'for' - but yes, I suspect a few big holders voted for on the day... The average 'for' voter on the day had 3.2 million votes at their disposal...
As for how I feel about the outcome?
I voted no - I believe the board and CEO were doing just fine already, we've certainly seen a decent turnaround and the share price was headed in the right direction... I felt that Terrance would have to many conflicts of interest to be of real value (we'll no doubt be paying him a healthy salary, but give that he's tied to Sol, who is both a supplier and a competitor to Myer, so how often will he need to sit out board meetings due to conflicts?)
However - given Sol's quite substantial current holding, he's certainly entitled to at least have the ear of the board, if not representation, and surely his interests must align to some degree with those of us holding much smaller parcels... So, while I voted No, I'm not that disappointed that the vote didn't go that way...
My only lingering concern really is that we don't go the same way as Boral did once Kerry Stokes got his son on the board...
MYR Price at posting:
61.3¢ Sentiment: Hold Disclosure: Held
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