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 AWB lashes WAFarmers for its support of A-Class shares 

AWB lashes WAFarmers for its support of A-Class shares

25/07/2008 4:20:00 PM
AWB has hit out at WAFarmers, saying the lobby group should withdraw from the AWB constitutional reform ballot because it has a commercial conflict of interest.

AWB chairman Brendan Stewart accused WAFarmers of disregarding good governance by arguing in favour of retaining the dual-class share structure.

"WAFarmers Grains Council has failed to acknowledge its conflict of interest in wheat marketing and continues to push the fundamentally flawed argument that A class shares enshrine grower loyalty," Mr Stewart said.

"It's time to stop using AWB as an agri-political football.

"For WAFarmers Grains Council to argue that A class shares generate grower loyalty when it has entered into a strategic commercial alliance with an AWB competitor - the Emerald Group - is a bit rich.

"If A class shares really generated grower loyalty, then WAFarmers Grains Council would have entered into a strategic commercial alliance with AWB rather than a competitor in which its holds no shares."

Mr Stewart said AWB remained the only company on the Australian Stock Exchange with an out-dated and costly dual shareholding structure, after growers voted to redeem A class shares in both ABB and Graincorp in recent years.

"WAFarmers Grains Council should also acknowledge that two of the three AWB Limited Directors in WA support AWB Constitutional reform," Mr Stewart said.

"They should also recognise that 62pc of WA growers supported constitutional reform at AWB's AGM in February."

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Comments


Date: Newest first | Oldest first
Sorry Gordon, but I don't agree. I think WAFarmers very much has a place in this argument, and your comments just show you are scared of anyone talking against you. It also shows you don't care who you burn in this process of trying to reward your non grower shareholders.

You should have a look at the poll responses on this page about AWB. Shows that growers are concerned at your moves.

Finally, you are great at making the figures suit, but may I add that the MAJORITY of A class directors of your company oppose your moves to axe grower shareholders. Also, in Feb, how much did you spend on advertising and promotion, including calling farmers, to push your agenda? I would guess probably 200 times what WAFarmers or anyone else, who like all state farming organisations is a non profit organisation, spent.

Gordon, stop pushing, and start listening to us growers. Please.

Posted by Farmer on 26/07/2008 8:57:06 AM
Spot on Brendan.
Posted by chook on 27/07/2008 7:49:03 AM
Brendan, You have been chairman of AWB during the period of the greatest meltdown in this company's history. To lecture WAFarmers on what's good for them is taking it a bit too far when balanced against your track record in the industry.

Brendan resign from AWB and give the industry some hope for the future.

Posted by Wheat grower on 28/07/2008 8:59:36 AM
Absolute nonsense Brendan! If you believe that holding shares in a company and trying to influence the governance of that company as shareholder and at the same time trading with another company is a conflict of interest, then it's time you took a few reality pills and grew up. Growers are, I believe, tired of the AWB chucking its weight around. Just do the job and get some credibility back. Roger Crook
Posted by Roger Crook on 28/07/2008 10:06:27 AM
Under your headship the AWB's credit rating has taken a big dive. The only common denominator is you!!!!!!!! If you want to do something constructive for AWB, RESIGN!!!!!!!!
Posted by Ken & Susan on 3/08/2008 10:15:48 AM

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AWB chairman Brendan Stewart.
AWB chairman Brendan Stewart.

Q: Did you support the striking truck drivers?

Yes - they need fairer conditions
(80.7%)

No - they have disrupted business
(12%)

Undecided - more information needed
(7.3%)

Total Votes: 777
Poll Date: 28/07/2008

21/11/2008 | AWI's new board can only succeed in old battles by fighting in new ways.
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