Chairman of Leighton Holdings Limited, Mr Stephen Johns and two Non-executive Directors, Mr Wayne Osborn and Mr Ian Macfarlane AC, have tendered their resignation from the Board.
They have resigned following what they perceive to be a breakdown in relations with the major shareholder Hochtief and their view that Hochtief no longer supports an independent Board at Leighton.
Under the current governance arrangements between Hochtief and Leighton, Leighton operates under an independent board and management. Leighton believes these governance arrangements, which have been in place for a long period, have contributed substantially to the value created for all of Leighton’s 57,000 shareholders. The current arrangements with Hochtief are expected to continue and we believe this is well understood by the market.
The Leighton Group is in a strong position. Management of the Company remains absolutely focused on managing the business in the best interests of all shareholders.
[mappress] LNG World News Staff, March 22, 2013; Image: Leighton