Rinehart Continues Battle with Fairfax

Gina Rinehart continues waging a war on Fairfax Media, this time aiming her tirades to the company’s shareholders. 

The mining magnate has called on Fairfax shareholders to support her in her bid to get two board seats. Rinehart also said the directors should be allowed to agree on Fairfax’s editorial independence. 

A letter was sent to the shareholders recently where John Klepec said Hancock Prospecting is asking for support to amend Fairfax Media’s board governance principles. The letter also indicated calls to adhere to union’s charter by choice and allow its directors to decide on the shareholders’ best interest. 

Klepec is Hancock Prospecting’s chief development officer. The company is also owned by Rinehart. He also called on Fairfax Media to be more technologically savvy to adapt to the changing times. 

The final item on Hancock’s letter was to ask for two board seats, stating that it is common practice accorded the shareholders with around 15 percent stake in a company. 

Last month, Fairfax Media appointed Jack Cowin as independent director. The appointment of an independent director was initially suggested by Rinehart. 

Fairfax refused to give any comment on Hancock Prospecting’s letter while Klepec did not entertain requests for interview. 

Rinehart has been publicly vocal about her calls to give her two board seats in Fairfax Media. Its chairman Roger Corbett has remained firm not to give the mining magnate what she wants.