Thursday, December 20, 2007

Auckland Airport directors bribe brokers

The contempt that I feel over Auckland Airport management paying brokers to advise their clients who are thinking about selling not to vote for the Canada Pension Plan Investment Board buyout of a 40% stake in the port is only matched by my anger over who is doing it.

http://www.nztp.net.nz/auckland-airport.jpg
The Auckland Airport board is essentially
bribing brokers to advise clients not to sell.


Lloyd Morrison and company have allot of questions to answer.

I was hacked off by some of the directors that were voted onto a new board at the end of November and mentioned various agendas that might have been on the table and it looks like the current crop of board members will do just about anything to fulfill whatever their agendas are.

Forgetting all about their shareholders and basically treating them like mushrooms who are too thick to make up their own minds, they are bribing brokers with their own money in order to get their own way!

All the board should have done is present their retort to the CPPIB bid and then let shareholders sift through the information and then it is up to them to decide whether they will part with their own property.

It doesn't bode well for minority shareholders like myself, who's rights as Auckland Airport shareholders are being stomped on at every turn.

With this sort of single minded attempt to run a public company like a family dynasty, Auckland Airport directors need to take a good hard look at themselves and ask one salient question.

I'm I doing this job for my own benefit or for the benefit of shareholders, as I was elected to do?

Shareholders need to fight back and make it clear to their employees, the directors, that this sort of immoral practice is not acceptable.


Disclosure: I am a Auckland Airport shareholder


C Share Investor 2007