Cromwell Property Group (ASX:CMW) (Cromwell) notes the media speculation in today’s Australian Financial Review (AFR) regarding Cromwell Chair, Mr Geoffrey Levy AO. Cromwell directs all parties to Mr Levy’s clear public statement, made seven weeks ago at the Cromwell 2019 AGM.
Mr Levy stated that, given his tenure and in accordance with ASX good corporate governance policy:
“this will be my last AGM, therefore, as your independent, non-executive Chair, and I will retire from that role in 2020 once the new directors have settled into their roles.”
Subsequently, Cromwell has received multiple written demands from ARA Asset Management (ARA) CEO, Mr John Lim, that Mr Levy resign immediately.
Cromwell’s Nomination and Remuneration Committee (comprising independent Non-executive Directors, other than Mr Levy), together with its external advisor, continues to manage the ongoing Board renewal process. This includes the onboarding of new independent Non-executive Directors, Ms Lisa Scenna and Ms Tanya Cox, who were elected at the Cromwell 2019 AGM despite opposition from ARA. The ongoing Board renewal process will continue in an orderly fashion and in accordance with good corporate governance.
The AFR also notes ARA’s ‘accusations against Cromwell's governance and performance.’ Cromwell confirms that it has already responded to ARA on these matters and, in the interests of full disclosure, published its response on its website earlier this week. The response can be found here.