News Release
4 November 2010
Pressure is mounting on the board of listed financial services company Treasury Group Limited who
will face a fiery Annual General Meeting in Melbourne next week.
Heated debate over the future direction of the company is expected at its AGM on November 11,
according to major Treasury Group shareholder Michael de Tocqueville, who has significant support
amongst minority shareholders.
A former founding director of the company, Mr de Tocqueville said he would be calling for a new
vision and reinvigorated leadership to tackle tougher business conditions.
“In a post-GFC world we can no longer afford to be complacent and hope that the old business
models will continue to serve us well – clearly they haven’t,” Mr de Tocqueville said.
“There is a new order and boards of companies who make grand statements in the annual reports
while failing to slash bloated bureaucracies, meaningfully substantiate claims on growth or outline
measures to improve shareholder value have passed their use-by date.”
Treasury Chairman Mike Fitzpatrick, who last year faced questions over his commitment to the
company while holding another 18 directorships, is up for re-election at the AGM.
Recently Mr de Tocqueville issued a letter to shareholders saying that he and more than 20 long-
standing shareholders of TRG had nominated Dr Jack Jacoby for election as an independent non-
executive director of TRG.
“The shareholders nominating Dr Jacoby own 6.5% of TRG. Dr Jacoby is a noted corporate strategist,
academic and author. We strongly support his election,” Mr de Tocqueville said in the October 21
letter.
“The blocking of what many would consider valuable new blood to a board which has seen little
change in several years would, I believe, be a lamentable set-back for Treasury Group at a crucial
stage in the Group’s development.”
This week Mr de Tocqueville said the TRG board’s unwillingness to acquire a more strategic focus
and support Dr Jacoby’s nomination, had at its core issues of equity and diversity.
“Good corporate governance would see this board embrace the opportunity to be joined by a
dynamic new voice not cut from the same cloth as those he seeks to join,” he said.
Mr de Tocqueville said the Board of TRG should be prepared to come under increasing scrutiny from
shareholders who would be seeking specific answers on long held concerns relating to corporate
strategy, execution, performance, executive remuneration, expense management and long term
growth strategies to drive shareholder returns.
“For some time now I have asked for some sort of vision to be articulated by Mr Fitzpatrick and the
board which would include real performance objectives and a detailed picture of its current health,
opportunities within the financial services sector and the company’s real area of expertise – I’m still
waiting,” Mr de Tocqueville said.
For further information please contact: Mr Michael de Tocqueville on 03 9653 9083 or 0402039993
NEWS 
