ASA wants Gerry Harvey to quit

HarveyNorman-exteriorThe Australian Shareholders’ Association is calling for Gerry Harvey to be removed as Harvey Norman executive chairman after a heated exchange with the retail veteran about the company’s accounts.

Harvey dismissed questions around the transparency of his franchisees’ accounts raised by the ASA during the company’s annual general meeting on Monday, and accused short-sellers of fabricating the concerns in a bid to drive down the value of Harvey Norman’s shares.

ASA chair Diana D’Ambra said incomplete reporting of the company’s controlled entities was partly behind the association’s decision to oppose the accounts.

And while the resolution passed at Monday’s AGM, the ASA has taken the issue further by releasing a statement on Tuesday calling for Harvey to be replaced as chairman by an independent non-executive director.

The ASA said it also wants the Harvey Norman board to call tenders on the 2016-17 audit with a view to making a change to introduce a “fresh set of eyes.”

AAP

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.

Comments

Comment Manually

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

Does your retail business have a loyalty program?
Vote

Twitter

Following the footsteps of its peers, @DavidJonesStore is cutting head office jobs in an effort to cut costs and be… https://t.co/NW5zR3tds2

21 hours ago

A post-election bump in confidence seems to have waned over the month of June, with #retail continuing GFC-level co… https://t.co/ZcUudSV1Wr

2 weeks ago

Franchisor #RetailFoodGroup has revealed a potential $160m recapitalisation with investment firm Soliton Capital Pa… https://t.co/gF05UyZP1m

2 weeks ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered