Following a tumultuous week for the boardroom, ILG has a new board and positive future with a big showing of members at today’s AGM on the Gold Coast.
Four directors staged a takeover attempt for control of the industry co-op last week, but even before the AGM began this morning ‘the four’ had all resigned and their motions were not heard.
The dramatic action – executed less than a week prior to the company’s annual general meeting – was understood to be a wrestle for control of the board of nine directors. Private security was engaged to physically take control of head office and lock out discerning stakeholders – in particular the CEO, Paul Esposito, chairman of the board, and directors Sergio Colosimo and Kent Walker.
Justification was said to be from decisions made at a board meeting called and attended by ‘the four’ where it was assumed Colosimo and Walker were rightly disqualified, thus leaving seven directors and giving them a quorum to make decisions.
An emergency hearing in the NSW Supreme Court on Friday overturned the actions of the rogue directors, putting the decision-making in the hands of the members, via the AGM.
ILG stakeholders and members of Australia’s largest independent co-operative gathered to vote on urgent matters at hand, spurred by circulating petitions and placard-holders at the door.
Formal proceedings began, by order of the Supreme Court ruling, with the resignation of chairman Chris Grigoriou, who was promptly re-elected by a show of hands.
The resignations of the four meant Paul Esposito was able to retain his role as CEO, and existing directors Damien Bottero, Kent Walker and Sergio Colosimo were also voted to remain on the board.
Steven Speed, Douglas Dalley, Bobby McGhee, Shaughn Murphy and Peter Cox were all consequently elected as new directors, following the withdrawal for election of David Mellor, Leigh David McCracken and Michael Thomas.
“It was a good day. I think sanity prevailed,” Paul Esposito told PubTIC.
“It’s a good result for ILG. We were aiming to avoid an embarrassing spill, now we’ve got a new board, it’s a new beginning.”
Former ILG director Chris Cheung was one of those that leapt to action after the events of last week, circulating a petition to force the resignation of the four rogue directors if their actions were not supported by members.
“I thought it was inappropriate the way they did it, considering it was only five days from the AGM. I was happy with the result today,” offered Cheung.
“Congratulations to those seven members, some re-elected some newly appointed, and I hope it’s time to rebuild. We need a strong ILG in the industry. They’ll be wiser and better for it.”
Former director Neville Blair did not reply to request for comment prior to publication.
A good result indeed. Well done. Maybe next time, a token women too? Just for decoration and maybe to help stop comments from people like me who just sigh and look at all the middle aged men in suits at the table.