NRMA President Appears Successful in Replacing Board of Directors

January 15, 2003

Ross Turnbull, the President of NRMA, one of Australia’s largest insurance groups, appears to have been successful in his efforts to oust the company’s present Board of Directors, and replace all 14 members with his own group, dubbed “Your First Team.”

According to news reports, even though Turnbull was frequently heckled throughout the company’s raucous shareholders’ meeting on Monday, he had obtained enough proxy votes to put his group, which includes cricket star Mark Waugh and wheelchair racer Louise Sauvage, in charge. A full and official count of the votes was not immediately available, but from all accounts there was a large majority in favor of the change.

As soon as the results are official the new board will meet, and is expected to reconfirm Turnbull as NRMA president. He campaigned for the change as a means to “stop the rot once and for all,” in reference to the boardroom infighting, factionalism and charges of mismanagement that have kept the company from making and implementing needed business decisions, and are widely blamed for growing losses.

The losers have indicated that they are considering a legal challenge to the results, claiming that the meeting was unfairly conducted.

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