Treasury Wines chairman John Mullen has voiced his disapproval of proxy advisory firm ISS and the Australian Shareholders Association, accusing them of prioritising “box-ticking” over practical judgment. This criticism follows a notable protest vote at the company’s annual meeting, where 14.6 per cent of shareholders voted against Mullen’s re-election. Mullen argues that concerns raised by these organisations regarding his workload—given his chairmanship of Qantas and Brambles in addition to Treasury Wines—fail to recognise his commitment and the current needs of the company. Treasury Wines is a global wine company that cultivates and markets a portfolio of wine brands. It is known for brands such as Penfolds, Wolf Blass, and Wynns Coonawarra Estate.
Mullen defended his capacity to effectively manage his responsibilities, emphasising the critical importance of stability at Treasury Wines, particularly as the company transitions to a new chief executive. Sam Fischer is set to commence his role on October 27, succeeding Tim Ford, who departed on September 30. Mullen asserted that his fellow board members at Treasury Wines can vouch for his unwavering dedication to the company.
The chairman’s comments come at a challenging time for Treasury Wines, which recently withdrew its profit guidance, causing its shares to plummet to a decade low. Mullen reassured shareholders that he is fully engaged with the company’s affairs, suggesting that any perceived lack of attention would not be tolerated by his colleagues. The comments highlight the pressures faced by company leaders balancing multiple high-profile roles during times of corporate transition and market volatility.
