The proxy advisory firm says the dissident group campaigning for Bill Wavish has not mounted a sufficiently compelling case for a new director.
Proxy advisory firm CGI Glass Lewis has advised clients against voting to elect Bill Wavish, the retail veteran championed by major Endeavour Group shareholder Bruce Mathieson snr, to the board of the liquor and gaming business.over the past fortnight to add Wavish to the company’s board, outlining concerns about serious mismanagement at the Dan Murphy’s and ALH pubs operator, with Endeavour shares declining 16.2 per cent so far this year.
“Based on current available information, we believe those shortcomings are more likely to be owed to transitory factors as opposed to entrenched, long-term mismanagement by the company’s current leadership,” the group said in its report to shareholders. A prolonged public spat between the board of Endeavour and Mathieson snr, who holds a 15 per cent stake in the company, has played out through correspondence over the past fortnight which started when Mathieson first backed Wavish for the board last month.
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