Maxwell delighted with backing

THE ROCK chairman John Maxwell and director Brad Beasley won resounding victories yesterday in the battle for power at Rockhampton’s building society.

Shareholders voted to retain their services at the expense of QTI representatives Kerry Daly and Michael Hackett.

Mr Maxwell thanked shareholders for what he called an overwhelming show of support in his leadership and the performance of The Rock’s directors.

It was not surprising that opportunists wanted to join and influence such a successful institution, he said.

“This is the third year in succession that we have faced challenges from people who want to get on the board. Our attitude is to defray criticism through performance but that won’t stop opportunists trying to take advantage of what we have created. They see our standing and our licence for funding and they want a slice of it.

“Speaking personally I was very disappointed by Kerry Daly, who was with us for so long, but I suppose he was simply trying to get himself back into something successful.”

Mr Maxwell said it was very rewarding for the board to have their efforts endorsed by shareholders who had accepted 100% of recommendations at the AGM.

He said he was looking forward to a year ahead that was full of bright promise for The Rock.

“We have laid a lot of expansion plans, including a new banking platform, that will enable us to extend the service to our customers.

“We have established great funding relationships in Sydney and Melbourne,” he said.

He anticipated an increase in mortgage lending as the year progressed and predicted the company would grow its share of the home loan sector.

“We are small enough to be flexible to meet people’s demands and while most of the lenders offer similar rates we can win on service.”

QTI is The Rock’s second largest shareholder with about 3.5% of its stock.

QTI managing director Mr Hackett was not available for comment after the AGM.

  • More than 75% of shareholders voted to retain John Maxwell and Brad Beasley on the board
  • Of 12.9 million votes received, nine million were cast against Mr Daly’s appointment and 9.2 million against Mr Hackett

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