Australian Ethical board defeats dissidents
The board of funds management group Australian Ethical has staved off a challenge by a group of dissident shareholders.
An extraordinary general meeting held in Canberra yesterday saw all 10 resolutions moved by the dissidents, rejected by what Australian Ethical's chairman Andre Morony described as "comfortable margins".
Commenting on the outcome, Morony said a small group of shareholders had mounted what might politely have been called a 'vigorous' campaign against the board.
"Despite their negative campaign, the group - who with their families and friends control about 20 per cent of shares - was only supported by an average of about 15 per cent of shareholder votes," he said.
Morony said it was time for the company to heal and continue unhindered on its mission of promoting ethical investment.
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