Ten has restructured its board and reduced its size to six directors, following its annual general meeting, but faced criticism from independent shareholders.
The board now includes Foxtel CEO Richard Freudenstein, who is included as the nominee of Ten's newest substantial shareholder, Foxtel, following its partnership arrangement announced in July.
He joins other board members, including nominee for Lachlan Murdoch's Illyria, Siobhan McKenna and Gina Rinehart's nominee John Kepec, along with independent directors Brian Long and Paul Gleeson, and board chair David Gordon.
As rumoured, no decision has been made on the reappointment of Win Corp owner Bruce Gordon to stay on the board.
Directors Christine Holgate, Jack Cowin and Dean Hawkins retired from the board of Ten as a result of the restructure.
Activist shareholder Stephen Mayne raised concerns over the compensation of outgoing CEO Hamish McLennan and the composition of the board, namely the lack of independent directors and whether McKenna was a conflict of interest given her role within Murdoch’s private investment company.
He said over the years Ten has been “one of the worst case studies of independent directors not standing up to competitors who want to influence our business.
“We are still giving disproportionate interest on the board of representation to these competing interests."
Specifically, in relation to McKenna he said, “I think that the Murdoch interests are disproportionate to the voting interests, and I don't think that is appropriate”.
In response, McKenna explained that she doesn't “represent Illyria on this board; I”m nominated by Illryia and I represent all shareholders as all directors do.”
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