Snub to scion of telco family
The Australian Shareholders’ Association will oppose the reelection of Jack Teoh, the son of TPG founder David Teoh, at the annual meeting of ASXlisted TPG Telecom next Friday.
The association says it is opposing Jack Teoh’s re-election because of his “minimal experience” in the telecommunications industry and “minimal” experience on listed company boards.
The ASA has also warned that it is undecided on its support for the re-election of Frank Sixt, the group financial director of Hong Kong-based
CK Hutchison Holdings, which owns 25 per cent of the company.
In its report to members before next week’s meeting, the ASA says there is “insufficient information provided about Jack Teoh to support his reelection.”
Jack Teoh is one of four sons of TPG founder, the reclusive Malaysian-born David Teoh and his wife Vicky, and has been actively involved in some of the couple’s family business interests.
He joined the board of TPG Telecom on March 26, 2021, is a nominee of his parents on the board. The family own 14.2 per cent of the company.
While the ASA’s position is unlikely to thwart his re-election, given that the company has few small shareholders, its stance throws a spotlight on internal workings of the very private Teoh family.
David Teoh founded TPG, which started off as a computer retail company, expanding it into one of Australia’s largest mobile phone companies before merging it with Hong
Kong-owned Vodafone in a $15bn deal in 2020 – despite an earlier rejection by the Australian Competition and Consumer Commission.
Jack Teoh is a former director of Tuas, which owns Singapore telecommunications company, Simba Telecom. He has been a board member of Vita Life Sciences since September 2022.
Proposing him for re-election at the AGM, the company said he had experience in telecommunications and digital technology.
The ASA says it will be asking him at the meeting to “expand” on his corporate background.