Macquarie shareholders EGM

Macquarie Bank shareholders urged to call for an extraordinary general meeting.

The ANZ bank, Gunns banker since 1995, has walked away from financing the economically risky Tamar Valley pulp mill. Gunns is now desperately trying to secure alternative banks to financially support the project. A number of media reports have indicated the woodchipping giant is in discussions with Macquarie Bank which is now playing a major role in assisting Gunns to secure finance.

The Wilderness Society is encouraging shareholders in Macquarie Bank to get in touch with us. We would like to form a syndicate of concerned shareholders who have the power to call an Extraordinary General Meeting (EGM) should Macquarie fund the pulp mill.

If Macquarie funds or organises finance for the pulp mill project, it will demonstrate serious systemic failures in the bank’s environmental, social and economic investment policies. They will then have serious questions to answer from shareholders who expect the bank to act on environmental and social responsibility, and not just use it as greenwash.

Australia’s Corporations Act 2001 has provisions aimed at ensuring that the will of shareholders is reflected in the running of their company. EGMs give shareholders the opportunity to express their will and to obtain critical information. To force an EGM, the commitment of 100 shareholders is needed.

Polls have consistently shown that the majority of the Australian public are opposed to Gunns’ forest-hungry pulp mill because of its predicted environmental, social and economic impacts.

Similarly, it is likely that the majority of people who own shares in Macquarie would hold major concerns about the pulp mill project, both from an economic risk point of view, and the impact Macquarie’s support for the project could have on their investment.

If you own shares in Macquarie Bank, you have a critical role to play in deciding on the future of our forests, climate and economy.

For information about the pulp mill project or the EGM, please contact The Wilderness Society Tasmania on (03) 6224 1550.