CHAIN STORE FINANCE.

Auckland Star, Volume LXVII, Issue 206, 1 September 1936, Page 4

CHAIN STORE FINANCE.

G. J. COLES' POSITION. PROTEST BY EX-DIRECTOR. A lengthy night letter telegram was received this morning by the secretary of the Auckland Stock Exchange, Mr. John Frater, from the former governing director of G. J. Coles, Ltd., Mr. G. J. Coles, in which he urged that provision should be made for adequate representation on the executive of outside shareholders. In his telegram Mr. Coles stated that he had learned from experience that it was unsatisfactory to have directors as executives, and that such a system which enabled directors to fix their own remuneration would continue to be unsatisfactory. He also referred to conditions under which shares had been allotted to directors, and contended that the board had in many vital matters failed to take shareholders into their confidence. He referred to his forced retirement last year from the position of governing director and chairman of directors at a retiring allowance for five years of £5000 a year, which sum he had not accepted. He made it clear that he did not ask for the removal of any of the present executive, but desired adequate representation for outside shareholders, and to this end was calling a meeting to deal with the position.