GPG gives Tower director the boot
Guiness Peat Group has forced a Tower director to resign; meanwhile, it says it is in no hurry to sell its stake in the listed insurer/fund manager.
Wednesday, February 8th 2012, 2:15PM
At its annual meeting Tower Group independent director Denis Wood told investors he was resigning, after GPG, which holds a 35% stake, told the board it wouldn't vote for him to be re-elected.
"I respect the right of shareholders to exercise their vote in the manner they choose and with their own best interests in mind - in this instance GPG is doing so in what it perceives to be its own best interests," Wood said.
"As an independent director I can have no alignment to any section or group of shareholders - any other approach is inconsistent with good governance and best practice."
The Tower board now has three independent directors and three non-independent directors.
In response to questions by fund manager Brian Gaynor about GPG's "special status", Tower chairman Bill Falconer said all board decisions were made by consensus.
Also at the meeting, GPG chairman Rob Campbell said his company was in "no hurry" to sell its shares in Tower.
Gaynor, director of Milford Asset Management which holds a stake in GPG, said GPG seemed to be in a hurry due to its shrinking net asset value.
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