Mirvac chairman facing wrath of investors
MIRVAC Group's board of directors and senior management will have the blowtorch applied by investors at Thursday's annual meeting in Sydney as discussions centre on the reappointment of chairman James MacKenzie.
At exactly the same time, Lend Lease will hold its shareholder meeting, where the senior management's pay structure is also expected to be a topic of discussion.
While proxy advisers have made it clear they will support the Mirvac resolutions, there are pockets of dissent among investors about the future direction of the group and the strategy of incoming chief executive Susan Lloyd-Hurwitz.
Mr MacKenzie is expected to come under renewed fire from investors for the way he handled the replacement of the former chief executive, Nick Collishaw. In response, Mr MacKenzie has put himself up for re-election and has, by all accounts, received enough proxies to win the vote.
The Australian Shareholders Association said while it commended Mr MacKenzie's voluntary submission for re-election, in the future, ''perhaps Mr MacKenzie might try to forge a less combative and controversial way through''.