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Jan 30 2011

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Aconex boardroom coup averted

The apparent shareholder dissent at Melbourne, Australia-based construction collaboration technology vendor Aconex has been quelled it seems, at least for the time being (see Boardroom bickering back on the Aconex agenda, 18 January).

Having had several conversations recently with Aconex contacts (in preparation for another blog post, forthcoming), I have learned that the EGM resolution to replace Martin Hosking as director and therefore chairman was defeated on 28 January. The board’s support for Mr Hosking was echoed by shareholders: 88% of shares were voted against and 12% in favour of the resolution. CEO Leigh Jasper said:

“The vote points to overwhelming shareholder support for the current board composition and for Martin Hosking’s record in leading the board. The directors regularly assess the makeup of the board to ensure that it is appropriate to the company’s needs and will continue to do so. In the meantime, the board and management team will maintain their focus on our clients and on growing the successful and profitable business that serves the long-term interests of all of our stakeholders.”

Permanent link to this article: http://extranetevolution.com/2011/01/aconex-boardroom-coup-averted/

3 pings

  1. Accounting for Aconex | Extranet Evolution

    […] recent boardroom bickering at Melbourne, Australia-based construction collaboration technology vendor Aconex prompted me to […]

  2. Aconex chairman in Hitler t-shirt row | Extranet Evolution

    […] Hosking’s current discomfort to resurrect leadership concerns aired at January’s EGM (post). I have been sent a copy of a letter sent to Aconex by a minority shareholder (which I reproduce […]

  3. Hosking steps down at Aconex | Extranet Evolution

    […] The news release makes no mention of the reasons behind the resignation, but, as previously covered in this blog (1 June, 12 June), Aconex has recently been drawn into media controversies regarding RedBubble merchandise through Mr Hosking’s dual role with the two firms. The move may also placate some Aconex shareholders who raised concerns about his leadership at an EGM in January (post). […]

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