American heavyweight hedge fund company Elliott International has not been backward about promoting its candidates standing for the Telecom board of directors.
Elliott has stepped up efforts to urge Telecom shareholders to vote its two nominations on to the Telecom board.
It has sent out letters
to Telecom shareholders and set up a website in its efforts to get locals Mark Tume and Mark Cross on the board as independent directors.
The two, along with Kevin Roberts and Rod McGeoch, are nominated for the board, whose make up will be decided at the October 2 Telecom annual meeting.
Elliott holds 3 per cent of Telecom and says the company is facing challenges on a number of fronts - its share price has declined to a 15-year low and its profits are expected to fall over the next two years.
It said the current size of the board at seven members - out of a maximum of 12 - was relatively small for a company of the size and strategic importance of Telecom.
"Appointing directors with financial and investment experience will add capacity and depth to the board at a time when those qualities are much needed," it said.
"Our nominees are seasoned experts who understand investor issues and will help create an energetic and cooperative environment between the board and its shareholders."
The appointment of Mr Tume and Mr Cross could only add value and independence to the board - there was no downside, it said in the letter.
- NZPA
