Myer to cut board numbers and fees

MYER has bowed to shareholder pressure for change in the boardroom, announcing it will reduce board numbers and cut directors’ fees.

The department store heavyweight on Wednesday announced directors Lyndsey Cattermole and Julie Ann Morrison had opted to retire at its annual meeting late next month.

“As a result of this, and with a view to further reducing board costs, Myer will not be seeking to replace these positions,” the group said.

It comes after major shareholder Geoff Wilson, chair of Wilson Asset Management, on Tuesday called for the retailer to take such action.

In a statement, Myer chair Garry Hounsell (pictured) said the chain had been “considering the size of our board for some time”.

After Ms C a t t e r m o l e and Ms Morrison leave, the b board will have five members, including chief executive John King.

Myer also revealed Mr Hounsell and other nonexecutive directors had elected to take a fee cut.

Starting from July 1 this year, Mr Hounsell will receive a base fee of $250,000 a year, down from $300,000, while other non-executive directors will see their base fees shrink from $120,000 to $100,000.

It is the third time fees for Myer’s non-executive directors have been cut since 2018. The new fees would remain in place for two years, Myer said.

The retailer also noted they elected to forgo director fees while stores were closed and staff were stood down in April, as the pandemic developed, and the directors also took reduced fees in May and June.