Clime facing shareholder pressure for director dismissal

Clime Investment Management director Neil Schafer is facing calls for his dismissal by shareholders for an unspecified reason.

In an announcement to the Australian Securities Exchange (ASX), the firm said an extraordinary general meeting (EGM) has been scheduled for 6 August in light of calls by shareholders Locope to remove Neil Schafer as a director.

Ronni Chalmers, an executive at Clime, was named as a corporate officer of Locope but the firm declined to give a reason for seeking Schafer’s dismissal.

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Schafer was initially an independent director but had been working as co-chief executive (CEO) of the firm with Brett Spork following the exit of Rod Bristow in November 2020. This post was later taken by Annick Donat who joined Clime in May.

He also served as a chair until April 2021 when he became a non-executive director.

He said: “I have strived at all times to add value to the company and its shareholders by pursuing ethical and effective corporate governance. Further, I have acted as an independent voice for all the company’s shareholders, including minority and non-related shareholders. Finally, when called upon, I have agreed to step into other roles for the company including as chairman and co-CEO when needed.

“The most concerning aspect of the resolution that is being put to shareholders at the EGM is the lack of any explanation or reasoning behind it.

“In the context of the company’s current board structure, I further struggle to understand why a shareholder would unilaterally seek to remove me. As recently as last November, I was overwhelmingly re-elected as a director by shareholders to serve a further term.”

He recommended shareholders sought answers on why the dismissal was called for and whether it was justified before making a vote.

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