Credit Corp board stands by Yates despite call for removal

Business

THE board of Credit Corporation PNG Ltd is standing by company director Sydney Yates amid a call to have him removed.
It received a proposal from the Teachers Savings and Loans Society Ltd for certain resolutions, including the removal of Yates, to be tabled at the next annual general meeting.
The company said Yates, as a director and chairman, had shown strong and successful leadership since joining the board in June 2018 and had led the group proactively throughout the Covid-19 pandemic.
“He was re-elected as a director at last year’s AGM for a further three years,” it said.
“Of the company’s approximately 1,800 shareholders, only three, or 0.17 per cent, voted against Yates’ re-election.
“It is the prerogative of the board to appoint the chair and he retains their full support.
“The Credit Corporation board, under Yates’s leadership, has adopted a strong shareholder focus.
“The board respects the right of shareholders to requisition resolutions in accordance with the law.
“The board is considering the substance, form and validity of the proposal and will update the market in due course.”
The company recently appointed independent non-executive director Stephen Humphries.
The company is planning to recruit another independent non-executive director to fill the vacancy created by the resignation of Michael Varapik as a director.