Union says Qantas Board to be held accountable for failed foreign takeover bid.
All current Qantas directors will be held to account for their bungled handling of the foreign Airline Partners Australia (APA) takeover proposal at this year’s Qantas annual general meeting as over 200 mum and dad shareholders will put forward a new policy for how future takeover proposals should be assessed.
“Had shareholders accepted their board’s recommendation to sell out to APA earlier this year, they would have collectively stood to lose nearly $350 million dollars”, said Tony Sheldon, National Secretary of the Transport Workers Union.
“Our policy is in the best interests of all shareholders as it clearly sets out procedures to assess whether a future bid properly values the company.”
“It wouldn’t be necessary if the Board had adhered to the most basic principles of corporate governance when assessing takeover proposals”, Mr Sheldon said.
The new policy guarantees the timely production of relevant financial information, better communication between shareholders and management, better communication between management and employees, the elimination of relevant conflicts of interest and compliance with legislated responsibilities.
“Had our policy been adopted during the APA takeover, shareholders wouldn’t need to have fought so hard for an earnings report, wouldn’t had to endure inappropriate media comments by board members, could have asked questions of the board and could be sure that senior managers weren’t conflicted”, Mr Sheldon said.
Many of the mums & dads moving the resolution are represented industrially by the Transport Workers’ Union.
“All Qantas staff, whether shareholders or not, are asking: ‘if we can’t trust the board with our shares, how can we trust them with our jobs?’”
“That’s why the TWU is proud to be leading the fight at the Qantas AGM.
Report by The Mole
John Alwyn-Jones
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