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28/01/15
08:03
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I recently found an article from last year, where TFCs corporate governance issues causes a lot distress at the annual meeting:
Back then, the chief executive and major shareholder of listed Perth-based sandalwood company TFS Corporation was facing a storm of protest from dissident investors over the group’s corporate governance practices and general performance.
An attempt to roll the board sparked a series of ructions, culminating in a 36 per cent vote against the remuneration report and the stigma of a second “strike” at a heated annual meeting last year. Worse, TFS’s share price was languishing around 40c amid doubts over its ability to ever capitalise on the surging global demand for the Indian sandalwood that it planned to harvest from its plantations in the Kimberley.
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Was anybody following TFC today attended this annual meeting and could comment on those corporate governance practices?