Magellan activist to vote against John Eales as director
Activist investor Sandon Capital says it will vote against the re-election of Magellan Financial Group director and former rugby union legend John Eales at the fund manager’s annual general meeting, citing the group’s pay policies.
Sandon, which launched an activist campaign against Magellan in June, has written to new chairman Andrew Formica informing him of Sandon’s intention to vote against Magellan’s remuneration report and Mr Eales re-election.
“As chair of the remuneration committee, we believe he has a greater responsibility than other directors for the oversight of remuneration policies at Magellan and therefore must be held accountable for what we consider failings in Magellan’s approach to remuneration,” Sandon managing director Gabriel Radzyminski says in the letter.
Gabriel Radzyminski says Sandon Capital will vote against Magellan’s remuneration report and John Eales’ re-election. Dominic Lorrimer
Sandon is critical of Magellan’s remuneration policies, including the fact the company does not have a long-term incentive plan (LTIP) and has not moved to put one in place since the appointment of chief executive David George in May 2022.
“More than a year since the appointment of the CEO, we expected that some form of LTIP would have been devised and presented to shareholders for approval,” Mr Radzyminski said.
“Shareholders will continue to navigate in the dark, without any clear insight into the criteria against which the board thinks corporate performance should be judged. The vague platitudes of returning to funds under management of $100 billion does not constitute a strategy.”
Sandon also labelled Mr George’s base salary of $1.8 million “excessive” and said it is particularly “staggering” when compared to
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