The Australian Securities and Investments Commission chairman Greg Medcraft has confirmed that the corporate watchdog is reviewing yesterday’s chaotic Westfield shareholder meeting, saying he is waiting on a report before considering to take action against the mega mall owner.
Mr Medcraft said that representatives from ASIC had attended the meeting that descended into incredible scenes that resulted in the crucial vote by Westfield Retail Trust shareholders being withdrawn.
Westfield plans to reconvene the meeting in the next 10 to 14 days.
“This was a very significant transaction and we have been taking a strong interest in how it’s being affected,” Mr Medcraft told the media following a conference in Melbourne this morning.
When asked if ASIC would take action over what has been referred to as the darkest day in Australian corporate governance, Mr Medcraft said: “I can’t comment at the moment, I’m waiting on a report. I had a brief report last night and I followed the news yesterday.”
Already one significant shareholder has told The Australian that they are outraged over yesterday’s events after the fund voted its 254 million shares electronically ahead of the meeting. It is understood the shareholder is against the deferment but could not cast its vote on the floor due to Australia’s system of voting at annual meetings.
Mr Medcraft, who is a shareholder in his former employer Societe General, said that there were issues with how AGMs were conducted in Australia.
He said more technological development was required to allow for online voting, adding it was an area that ASIC would look into.