SHAREHOLDER activist Stephen Mayne has launched a bid for a place on the AWB board as the company comes under fire for holding its annual general meeting two days before Christmas.
The AWB board has recommended that shareholders vote in favour of Tony Howarth against Mr Mayne, who is standing as a protest against the discounted $100 million institutional placement by AWB.
In his candidate's statement, Mr Mayne said the one-for-one entitlement offer that was part of the capital raising was "poorly structured and poorly marketed to retail investors".
Mr Mayne said he would work on improving AWB's accountability and governance following the oil-for-food scandal and AWB Brazil.
AWB spokesman Ian Desborough said better corporate governance required the AGM be held closer to the release of the full-year results, which came out last month.
