Letters of the Week

Uniting small shareholders, in-specie transfers, and SMSF trustees' performance.

I felt that the letter published last week from Leigh Kealton in which he proposed a co-ordinating group of SMSF owners to represent that group against the weight of professional managers is something that needs more publicity and support. Company boards are largely not representative of the shareholders and it is company boards that select, and pay at outrageous levels, the managers of these companies which are owned by many, many shareholders. In addition I believe that there are a significant number of small shareholders outside the SMSF section who should be included in such a group organisation. Many ‘small’ shareholders hold portfolios in excess of $1 million and yet have virtually no voice in the management of the companies they invest in. It used to be that small investors bought shares in good, well managed and sound Australian companies as they saw it as a good thing to do as they were in some small way supporting local industry. With all the takeovers and general gambling on the market going on, these sentiments are mostly forgotten but there are quite a lot of us still out there and we are getting harder to please.

I Harrison

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