Inside the biggest investor uprising in three decades
Investor anger over the James Hardie deal has drawn comparisons to the 1993 investor rebellion against Rupert Murdoch’s plans for “super voting shares”. Now the ASX is in the gun.
Financial markets are built on different opinions – you want to sell, I want to buy. So when the cream of Australia’s institutional investment community speaks with one voice on an issue, you know something big is happening.
As revealed by Chanticleer last Thursday, 21 of Australia’s biggest institutional investors have sent an open letter to ASX chairman David Clarke, chief executive Helen Lofthouse and chief compliance officer Daniel Moran, demanding change in the wake of James Hardie’s controversial $14 billion takeover of US building materials group Azek.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
