Melbourne’s Barro family increases its board representation at Adelaide Brighton

THE Barro family will boost its representation on the Adelaide Brighton board from two to three at this year’s annual meeting, as it creeps towards a majority holding in the company.

THE Barro family will boost its representation on the Adelaide Brighton board from two to three at this year’s annual meeting, as it creeps towards a majority holding in the company.

Barro group has been using the creep provisions of the Corporations Act to slowly increase its holdings in ABC, and late last year had increased its shareholding from 41 to 43 per cent.

The family currently only has one board representative - Raymond Barro - but if shareholders approve the changes, it will have three Barro nominees, plus Adelaide Brighton having another four independent directors following the May 10 AGM, to be held in Adelaide.

Raymond Barro will become chairman, replacing Zlatko Todorcevski, who will move to be lead independent director.

The Melbourne-based Barro Group is also a major producer of building materials, operating in the same product markets as Adelaide Brighton.

Adelaide Brighton released an updated set of guidelines for how it will deal with conflicts of interest along with the proposed board changes.

AdBri shares closed 2.5 per cent higher at $4.48.