A controversy has erupted when a shareholder of the Commonwealth Bank has written to the Australian Securities and Investments Commission regarding a donation to the Yes side of the Voice campaign of $ 2 million. At the annual general meeting, he asked the Commonwealth Bank chair, to name the “relevant section of Corporations Act that authorises the Board to make a political donation to the Voice's YES campaign.” There was no reply to this, as the angry shareholder’s microphone was cut!
Hopefully the matter will be pursued and the ASIC rules that there is no relevant section of the Act allowing the donation. Then, there is a precedence for other shareholders to go after other corporates who did the same thing. Next woke adventure they may all be a bit more cautious, before getting into woke over-load.
“A furious shareholder has asked the corporate watchdog to make Commonwealth Bank directors pay the $2million donation given to the Indigenous Voice to Parliament Yes23 campaign out of their own wages.
Bank shareholder Alexander Haege has written to the Australian Securities and Investments Commission after clashing with Commonwealth Chair Paul O'Malley over the Voice donation at an annual general meeting held last month.
Mr Haege writes he had his microphone turned off when asking Mr O'Malley to name the 'relevant section of Corporations Act that authorises the Board to make a political donation to the Voice's YES campaign'.
He said the question was greeted by 'a hearty round of applause from my fellow shareholders' but Mr Malley had not given a 'relevant answer' to this and provide 'no specific direction' from the Act.
Mr Haege, who lists himself as a director of Tamarama Bay Pty Ltd and Sven Pty Ltd, moved that the bank's accounts not be approved until the $2million was repaid from the personal accounts of directors because it was not an 'authorised expense'.
However, he said Mr O'Malley refused to accept the amendment and would not put it to a vote before cutting Mr Haege's microphone meaning he could not be heard in the vast surrounds of the Sydney Convention Centre in Darling Harbour.
'The Board of Directors of the CBA is not much interested in hearing any criticism from the company's owners,' Mr Haege wrote in his letter to ASIC.
He argues that there is no provision in the 'Corporations Act for any company to make political donations on behalf of the company or on behalf of shareholders' and argues that the board has acted beyond its remit.”