Bill Wavish slams proxy firm CGI Glass Lewis over Endeavour report
Bill Wavish, who is seeking to become a director of Endeavour Group, has slammed a report by proxy firm CGI Glass Lewis casting doubt over his ability to serve as a competent director, telling shareholders to ignore its recommendation to vote against his election.
Mr Wavish has the backing of Endeavour’s major shareholder, billionaire Bruce Mathieson snr, in his campaign to shake up the Endeavour board led by Peter Hearl. Three proxy adviser reports over the past few days have told clients to vote against the election of Mr Wavish.
Bill Wavish’s bid to join the Endeavour Group board will be put to a vote at the annual general meeting. Josh Robenstone
The Australian Shareholders’ Association also revealed on Wednesday that it intends to vote against the election of Mr Wavish at the AGM on October 31, and also against Mr Mathieson’s son Bruce jnr, who is up for re-election.
Mr Mathieson is Endeavour’s largest shareholder, controlling 15 per cent of the company, which owns the Dan Murphy’s and BWS retail chains, 354 pubs, and wineries including Cape Mentelle.
Mr Wavish’s letter to shareholders states that the CGI report overlooks “significant flaws in EDV’s governance and pre-AGM conduct” and also makes unfair representations about his past executive and board career regarding his roles at Dick Smith and Myer, which he called “prejudicial” to his candidacy.
Mr Wavish said CGI declined to meet with him before issuing its report, which he says cast doubt over his capacity to serve as a competent independent director.
CGI’s report stated that “two of Mr Wavish’s most recent corporate directorships have resulted in a fair degree of public scrutiny … We believe Mr Wavish’s track record on corporate boards may raise serious
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