California’s public sector pension funds make a point of objecting to the re-election of the REA chairman.
, and ARN Media’s blundering M&A deals. And of course, there’s his stint running Rugby Australia, which flamed out last year.One thing no one can take away from him is the lights-out success of News Corp’s real estate juggernaut REA Group. McLennan was appointed chairman to’s favourite investment in 2012. And since, REA’s share price is up more than 1400 per cent, as Domain struggles to replicate its rival’s successes.
That doesn’t mean others can’t make a point in objecting. California’s public sector pension fund and teachers fund have indicated they’re voting “no” on both McLennan and Lambert. And while both have small holdings in REA, these are global pension giants known to throw their weight around governance fights.
Neither has tipped their hat as to the rationale of their votes. It’s a fair guess it’s to do with the sheer length of McLennan and Lambert’s terms. And McLennan’s bulging roster, which still takes in responsibilities at ARN Media and ASX-listed gaming company Light and Wonder .The whole thing emphasises the concentration of the REA board. It has eight directors, with only three considered un-aligned to management or the Murdochs. It also doesn’t have a lead independent director.
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