It was not publicly known early Wednesday morning, but Catherine Brenner certainly knew this would be her last shareholder meeting as a board member at Coca Cola Amatil (CCL).
CCA’s chairman Ilana Atlas said that after being a director at the company for 10 years, Ms Brenner would not seek re-election at next year’s annual general meeting.
Ms Brenner quit as AMP chairman after revelations at the banking royal commission that the company stole from customers by charging them for services they did not receive, and then misled the corporate regulator about its misbehavior.
Ms Atlas said that the board had considered Ms Brenner’s position at CCA in light of the AMP scandal and decided that it was best for shareholders that she stay on for another 12 months.
“With five of our directors relatively new to the company, Catherine’s continued role on the board over the next 12 months will allow for an orderly transition as we look to appoint a new director at or before next year’s AGM,” Ms Atlas said on Wednesday.
Ms Brenner would remain chair of the board’s risk committee, Ms Atlas said, who added that all members of the board were responsible for risk.
Once she leaves CCA, Ms Brenner’s last remaining directorship will be on the board of building materials group Boral.
The Australian Shareholders Association had called for Ms Brenner to quit the CCA ahead of Wednesday’s AGM, arguing that the AMP scandal made her unfit for the job.
CCA is the locally-listed bottler for the Coca-Cola Company’s products, as well as bottling food products under the SPC and Amatil brands.
The Coca-Cola Company, the global beverages giant, owns 31 per cent of CCA’s shares, providing a potential buffer to any shareholder push to have Ms Brenner kicked off the AMP board.