ISS is the second proxy adviser to recommend against Bruce Mathieson’s change agent Bill Wavish joining the Endeavour board to trigger a shake-up.
Pubs billionaire Bruce Mathieson, who owns 15 per cent of Endeavour Group, has waged a three-week campaign to get Bill Wavish elected.
, making it the second governance adviser to reject a key plank of pubs billionaire Bruce Mathieson’s shake-up.ISS in its recommendations outlined that the Endeavour board was not backing the election of Mr Wavish, and that was an important factor in ISS’ decision.acknowledge that the board is generally best placed to determine who should be a director,” ISS concluded.the election of a director who is not endorsed by the company’s board, unless there are compelling grounds to do so.
Endeavour operates 266 Dan Murphy’s stores, 1435 BWS liquor stores and 354 hotels with 12,700 poker machines. Mr Wavish served as the executive chairman of department store Myer for three years before leaving in August 2009, three months short of its eventual ASX listing. Myer’s share price has never traded above its IPO price and is down by about 86 per cent since, the report flagged.More recently, Mr Wavish was on the board of consumer electronics retailer Dick Smith from 2013 to 2015. Ten months after his departure, Dick Smith collapsed, wiping out shareholders.