Despite two proxy advisory firms,ISS and CGI Glass Lewis,recommending shareholders vote against his election,McCartney was able to secure the required votes on Thursday. Proxy votes ahead of the meeting showed 36.85 per cent of votes in favour of adding him to the board,a number which grew to 61.22 per cent,once Premier Investment’s stake was also moved in support.
Myer chair JoAnne Stephenson and director Jacquie Naylor were also re-elected to the board on Thursday.
Lew’s push for a board seat has led to market speculation about a possible takeover of the Myer business. Asked during Thursday’s meeting whether he thought the company should be sold off or taken over,McCartney said he thought Myer had strong brand equity,and he wanted to contribute his expertise for the long term.
“I know there has been commentary. I have come in because I want to listen to the team,understand,add value to that plan going forward,” he said.
“I don’t see it as being sold off - I see it as a business that has found its legs again. Hopefully,I can add some value to that.”