Wilson calls out Hunter Hall board on strategy failure
The previous Hunter Hall Global Value Limited board did not execute its duties and company strategies will need to be reassessed and carefully followed to undo damage to shareholder interests, according to Wilson Asset Management chairman, Geoff Wilson.
Wilson expressed his dissatisfaction with former board and said the disregard for the interests of Hunter Hall Global Value Limited (HHV) shareholders had come at a significant cost.
Long-held recommendations for the HHV included the renewal of the board, reduction of directors’ fees, commitment to a progressive divided policy, and clearer communication with stakeholders, which Wilson said had not previously been carried out.
“It is a great shame the previous board was unwilling to act in shareholders’ interests and execute these initiatives,” he said.
“Properly executed, the strategy would be a positive for HHV’s future.”
Wilson said the early signs of renewed leadership for HHV under Pengana were promising however, and that recently appointed chairman Frank Gooch held the necessary experience to lead the board.
“I look forward to ensuring Pengana and the HHV board remain focused,” he said.
“I am currently reviewing the change in management and performance fees, which shareholders will have an opportunity to vote on.”
AUTHOR
Hope William-Smith
Recommended for you
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
