The forces behind the uptick in shareholder activism have been building for a decade.
Westpac shareholders forced the resignation of chief executive Brian Hartzer and the early retirement of chairman Lindsay Maxsted after a money laundering scandal. Maxsted (left) and acting CEO Peter King fronted the annual shareholder meeting soon after. Peter Braig
Shareholder activism hit new heights last year as institutional investors flexed their muscles, forcing executive and director resignations and putting Corporate Australia on notice.
More than a dozen ASX 200 companies received a strike over pay in the latest AGM season and there was a spike in protest votes for director re-elections, as proxy advisers and institutions hammered corporate underperformers and governance laggards.
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Original URL: https://www.afr.com/wealth/investing/wake-up-call-for-boards-as-activists-doubt-their-capability-20200101-p53o5y
