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At stake is the future of the whole Myer board
03:27 on 3.11.2020

Myer Gift Cards for Sale At stake is the future of the whole Myer board and the fate of the retailer's chief executive John King. The only director up for re-election at the annual general meeting is chairman Garry Hounsell but if he is felled the rest will ultimately fall like dominoes.There are two central characters in this bout. The first is Solomon Lew - the largest shareholder with an 10.8 per cent stake. He is bitterly opposed to the re-election of Hounsell and has lobbied against him for years. More recently he has called on the whole board and King to resign.

But as Myer brushes up its famed Melbourne Bourke Street Mall displays for throngs of socially-distanced children the celebrations may prove short-lived for the retailer. This Christmas will be like no other for Myer and an underwhelming season could spell more trouble for its management.Following a shocking $172 million full-year loss Myer is facing an all-too-familiar showdown against some of its largest investors who are fed up with the ongoing underperformance and perceived mismanagement of the business.

Embattled Myer chairman Garry Hounsell may escape a protest vote against his re-election later this month Myer eGift Cards to the chagrin of billionaire investor Solomon Lew after two major corporate governance firms revealed they would back him for another term.Influential proxy advisory companies CGI Glass Lewis and ISS have both advised their clients to vote for Mr Hounsell's re-election at the department store's annual general meeting (AGM) on October 29.Neither firm raised any concerns about Mr Hounsell's capability to serve as Myer's chairman - in stark contrast to Myer's largest shareholder Mr Lew's Premier Investments.

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