ACT GREENS MLA Caroline Le Couteur will not attempt to rejoin the board of Australian Ethical Investment when company elections are held in the coming months.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Media reports have named Ms Le Couteur as a board candidate as rival factions compete for control of the listed company.
But Ms Le Couteur has told the Sunday Canberra Times she would not run for election to the board, instead focusing on her re-election to the ACT Legislative Assembly in October.
Ms Le Couteur was a director of Australian Ethical Investment from 1991 to 2008, but ceased active involvement on her election.
''Although I have retained my shareholdings, as disclosed in my MLA statement of interests,'' Ms Le Couteur said.
The Canberra-based listed company only invests in environmentally and socially responsible products and manages $600 million in ethical investments.
But the company recorded a disappointing performance over the past year, currently trading at half its net tangible assets and with a return on equity down.
Reports claim Ms Le Couteur, and fellow former directors Howard Pender and James Thier, are unhappy with company management and are seeking to sack the entire board. The rebel group has lodged 35 resolutions with the company, including a call to replace the board.
Ms Le Couteur, Mr Pender and Mr Thier collectively control 15 per cent of the stock.
Any showdown would mean Ms Le Couteur would face two elections this year, with a territory poll in October. And political pundits believe the Member for Molonglo faces a tough task holding on to her seat. MICHAEL INMAN
