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Greens will move Senate disallowance on government attack on shareholder\ndemocracy.

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03 December 2002

Greens Will Move Senate Disallowance on Government Attack on Shareholder Democracy

Greens Senator Bob Brown will move a disallowance motion in the Senate to strike down Government attempts to limit the right of ordinary shareholders to call a special general meeting.

“The Greens were successful in disallowing these regulations when they were last attempted by the Government. I am confident the Senate will not allow them again ,” Senator Brown said.

“The Government’s proposal amounts to a full assault on democracy in the market place.

“Ordinary shareholders should have the right to call for a special meeting. Under the Government proposal, requiring 5% of shareowners to call for a meeting, it will be virtually impossible to garner enough signatures to get a special meeting called.

“For example to hold a special meeting for BHP-Biliton would require 185 million shares with a value of $1.9B

“There have been only two special general meetings called on environmental issues. One was over the Jabiluka uranium mine, a project more than 70% of the Australian community opposed and is has been one of Australia’s biggest environmental battles of the last decade. The other was over logging in Western Australia where massive public opposition and change of Government has meant a halt to the logging of old growth forests.

“Democracy isn’t only important in the parliament, its critical in the corporate sector as well,” Senator Brown said.

More information: Ben Oquist 02 62773185 or 0419704095

Category: Senate Office Author: Ben Oquist