I agree fully but have always wondered how members or...

I agree fully but have always wondered how members or shareholders have not crowd funded a legal challenge to management teams spending their funds in a way that doesn't suit or benefit their holders. In that I also am amazed that no-one has picked up that government and activist holders these days either fine the company and those funds don't get back to those that were wronged but general income or take money out of the company for a class of shareholders and not all shareholders.

The so called superfunds acting on behalf of members want them to change to objective of the company which was an OIL and gas producer and explorer without even a vote. Government want to change the effective rates of tax so that in the future it may well not pass the hurdle rates that the company would have used to complete an FID.

I think that into the future franking may no longer be that important to me and in fact more of my funds will go to best in breed companies. So I took TTE ( Total Energie) and compared that to WDS over 5 years on Yahoo finance and the stocks as quoted on the NYSE so not primary listings. TTE went up 32% over the 5 Years and WDS 2.5%...

Average Dividend yield over 5 year 5.96% TTE and WDS (although hard to work out is less that 6% but pretty close to each other)

The only benefit is that in Australia 6% is worth around 9% but not enough if you take the relative performance...

I now believe that WDS has a negative valuation because of all the activist aqttention.