Business
Major Myer shareholders demand change as tensions escalate – Sydney Morning Herald
The second-largest shareholder in struggling department store Myer has told the company’s chairman to permanently reduce its number of directors and slash their fees.
“Our belief is the reduction needs to be permanent. We would also call on the board to reduce the directors’ aggregate fee pool to reflect the current market capitalisation of Myer.”
Myer, which has a market capitalisation of just $193 million, has seven directors on its board including chief executive John King. Non-executive directors received a total of $791,870 in remuneration for the 2020 financial year and $1 million in the year prior.
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