Vote held on The Rock’s revolution
SHAREHOLDERS will today decide the future direction of Rockhampton’s building society.
They can choose the status quo, by voting to re-elect The Rock’s current board to follow the conservative route to financial security.
Or they can opt for revolution by supporting former managing director Kerry Daly and his boss, Queensland Trustees and Investment managing director Michael Hackett.
The pair have criticised The Rock for paying executives too much and following cautious investment policies that have reduced profitability.
They are seeking election at the expense of chairman John Maxwell and director Bradford Beasley.
The fight for control of the society has seen bitter exchanges with Mr Daly and Mr Hackett questioning payments to board members for legal advice and services.
In response the board has questioned Mr Daly’s suitability as a company director and maintained it is happy to stand on its record as one of the strongest performing financial institutions in the country over the past year.
The Rock’s annual general meeting will be held at The Travelodge in Victoria Parade, Rockhampton at 11am.
Most shareholders have already voted by post but those who attend the meeting will be able to cast their votes in person.
Last year the board successfully staved off a bid by a Brisbane investor to win a seat on the board.
The company is predicting a profit of $4.8 to $5.3 million next year after attracting $12 million in a capital-raising share issue in a matter of weeks to fund expansion.