MEDIA STATEMENT
12 November 2002
PSS/CSS confirm position on Coles Myer
The Public Sector and Commonwealth Super Schemes (PSS/CSS) today confirmed their position on the upcoming election of directors to the Coles Myer Board.
The Funds will vote against the re-election of directors Solomon Lew and Mark Leibler, and against the election of any new directors to the Coles Myer Board.
The PSS/CSS will also carefully monitor the Coles Myer Board and, if weak performance continues, consider voting against the re-election of other directors at next year’s Annual General Meeting.
PSS/CSS Chief Executive Officer, Mr Steve Gibbs, said: “On behalf of our members, it is our responsibility to protect the long-term value of our shareholdings and it is clear that any dissension within a Board diminishes that value.
“We support Corporate Governance International’s view that new members should be invited on to the Board only after a rigorous selection process using an appropriately-composed Nominating Committee.
“This process needs to include rigorous and objective selection criteria, identification of all likely candidates, extensive interviews by other Directors and third parties and a corresponding high degree of diligence on the part of the candidates.”
The PSS and CSS are two of Australia’s leading super funds which:
- provide retirement benefits and superannuation services to over 260,000 members Australia-wide;
- have around $10 billion funds under management;
- safeguard the long-term interests of members through Australia’s first and leading comprehensive governance program, launched in 2001; and
- are committed to keeping members well informed so they make the most
of their retirement opportunities.
