Former Wallabies skipper almost crash tackled off Magellan board

Ex-Wallabies captain John Eales has narrowly survived a vote on his tenure as director of former high-flying fund manager Magellan as shareholders issued the company a stinging rebuke, voting against its remuneration report following two years of fund outflows and share price decline.

Magellan non-executive director John Eales was re-elected by a narrow margin at the company’s AGM on Wednesday. Formica said the company had added expertise in areas of investment management, technology, private markets and acquisitions in recent times, but that it was important to ask Eales to remain on the board to retain “historical corporate knowledge”.

Formica said Eales had contributed a great deal to the business in his capacity as chair of the remuneration and nominations committee, including “driving the changes to the non exec director fee pool last year, which has allowed Magellan to attract the high quality new non exec directors that have been put up today”.

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