Mayne eyes Fairfax board role

ASA director ­Stephen Mayne is planning to stand for election to the Fairfax board.

AUSTRALIAN Shareholders’ Association director ­Stephen Mayne is planning to stand for election to the Fairfax board after quitting his policy role at the retail shareholder advocacy group.

Mr Mayne, also a Melbourne City Councillor, had contested dozens of board elections as a shareholder activist before taking up his role at the ASA two years ago — a move that precluded him from seeking directorships on public company boards.

“I’ve been itching to get back to doing this and with the ­Victorian elections coming up in November, I’ve decided to focus on independently contesting a ­series of elections,” he said.

Mr Mayne confirmed that one of the boards he will be seeking to join is media group Fairfax, which is set to hold its annual general meeting in Melbourne on November 6. “The platform is board renewal, director accountability for poor performance and the need for directors with more media experience,” he said.

“The two longest-serving directors, Roger Corbett and Peter Young, are up for election this year. I think both should retire and I will be offering shareholders an alternative.”

The ASA called for Mr Corbett to resign last year, noting the Fairfax share price had fallen by 80 per cent during his decade on the board.