Powered by MOMENTUM MEDIA

Shareholders vote to remove Praemium board

By Reporter
 — 1 minute read

Praemium shareholders have voted to remove the entire board of the company at a general meeting held this morning.

Former Praemium chief executive Michael Ohanessian, who was terminated by the board on 22 February, has successfully convinced shareholders to remove the company's directors.

At a general meeting this morning, shareholders passed eight resolutions that effectively removed the entire board of directors and elected Barry Lewin, Stuart Robertson and Daniel Lipshut as new directors with immediate effect.

Advertisement
Advertisement

The vote follows the release of a report by governance firm Glass Lewis that recommended shareholders vote against the proposals because the new board would be "rudderless".

Outgoing Praemium chairman Greg Camm said, "The effect of this voting is that the incumbent board of directors will be replaced by a new board, comprising Mr Lewin, Mr Robertson and Mr Lipshut.

"The shareholderse have spoken and a new board is appointed. Praemium is a good business with very good people and the outgoing board give Mr Lewin and his colleagues our best wishes in governing the company."

The new board have subsequently reinstated Mr Ohanessian as chief executive of the business.

Read more:

Netwealth announces deal with Futuro subsidiary

Release bank levy modelling, demands ABA

Multiple tailwinds for global REITs

Global ETF boom ‘won’t end well’

Australian equities 'expensive', says Morningstar


The must-attend event for financial advisers is back in 2022: the ESG Summit, coming to Sydney and Melbourne in February. Walk away with vital knowledge on a number of key ESG areas to help you make informed ESG strategy decisions and to better communicate and integrate the growing ESG space to clients. Visit the website to secure your place.

 

Shareholders vote to remove Praemium board
Praemium, Michael Ohanessian
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.