In the US, investors such as Carl Icahn and Kirk Kerkorian have used minority shareholdings to push for changes at companies including Apple and General Motors. The dearth of such activism in Australia had led to a lack of board accountability, contributing to investment capital being misspent, Carnegie said, pointing to wasteful spending in the country's natural gas export projects.
Australian companies would be more likely to spend wisely with shareholder activists on their case, said the managing director of private equity firm MH Carnegie & Co.
Carnegie sought to change Qantas's strategic direction in 2012 alongside former airline executives. That year, he also teamed up with Australia's richest woman Gina Rinehart in an attempt to influence Fairfax Media, publisher of BusinessDay.
my bold
It's all coming to the surface.... and not before time...