The West

Rinehart not seeking change at Fairfax AGM
Gina Rinehart. Picture: Ben Crabtree/ The West Australian

A notice of Fairfax's annual general meeting confirms that major shareholder Gina Rinehart has not put forward any motion against the board or chairman Roger Corbett.

The notice, released today, also reveals that media analyst and commentator Peter Cox is standing for election to the board of Fairfax Media in an effort to help it improve its flagging financial performance.

Mr Cox has nominated to be elected a non-executive director of Fairfax, telling shareholders he can offer media experience, digital understanding, independence and credibility.

But the Fairfax board opposes Mr Cox's election, telling shareholders in the notice of meeting he does not possess the relevant management and board experience.

The notice contains no mention of Mrs Rinehart, a vocal opponent to Mr Corbett for overseeing a falling share price and dwindling readership.

Ms Rinehart had previously called for Mr Corbett to resign if there was no improvement in Fairfax's share price, and Fairfax shares were trading at 44.5 cents at 10.30am today, almost half their value at the same time one year ago.

But no motions have been put forward by Mrs Rinehart for discussion or a shareholder vote at the AGM.

Most shareholder votes at the meeting will focus on the election and re-election of board members, including Ms Rinehart ally Jack Cowin, who was appointed to the board in July.

Fairfax's AGM will be held in Melbourne on October 24.

The West Australian

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