Gina Rinehart’s company Hancock Prospecting has reportedly written to Fairfax Media Limited’s (ASX:FXJ) retail shareholders in an effort to win their support.
According to the media company’s publications Australia’s richest woman and Fairfax’s largest shareholder is asking for backing to implement new strategies. Fairfax publications say the letter was written by Hancock Prospecting Chief Development Officer John Klepec.
The letter reportedly asks Fairfax shareholders to support the implementation of performance hurdles for current chairman Roger Corbett, the ability to amend the board’s governance principles, the approval to purchase new technology and that major shareholders are given two board nominations.
The letter also says Hancock Prospecting has never sought control of Fairfax Media rather requested two directors and an experienced independent director.
In the first half of its 2012 financial year Fairfax recorded a net profit of $97.6 million.