Mighty Kingdom board sees off challenge in tight vote

The existing Mighty Kingdom leadership team will remain in place after resolutions put forward by the company’s largest shareholder were rejected by shareholders.

Jan 22, 2024, updated Jan 22, 2024
Photo: Mighty Kingdom.

Photo: Mighty Kingdom.

All seven resolutions put forward by Mighty Kingdom’s top shareholder were rejected at an Extraordinary General Meeting last Friday, meaning the existing board, including chairman David Butorac and non-executive director Ian Hogg, will keep their seats.

The resolutions were narrowly defeated, with about 53 per cent of shareholders voting against entrepreneur Shane Yeend’s attempts to spill the board of the video game developer and instate four of his own nominees.

Last year, Yeend was successful in his push to remove ex-ABC boss Michelle Guthrie from her position as chair.

Mighty Kingdom posted a statement on LinkedIn on the weekend, noting a “strong positive outcome of [the] Extraordinary General Meeting”.

“This EGM signifies a commitment to stability and trust in the company’s future direction,” Mighty Kingdom said.

Chair David Butorac said he didn’t “consider it a win”.

“I consider it the strongest possible endorsement and mandate for the board, the company’s strategy and its remarkable staff and management team,” Butorac said.

“We are focused on leveraging our expertise to drive operational excellence, attract strategic investments, and unlock sustainable growth.

“I look forward to all shareholders now aligning behind the direction and strategy that this majority vote signifies.”

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Might Kingdom said it would now “progress the exclusive negotiations with the leading global consortium of games and media industry pioneers”. Announced just after Christmas last year, the company put forward three names for its proposed new board, including the former managing director of Activision Blizzard APAC Mark Aubrey.

“This collaboration represents a crucial step towards accelerating our growth trajectory and maximising shareholder value,” the company said.

“Combining the company’s expertise with theirs will unlock new revenue, margin expansion, and overall shareholder benefit.

“In addition, our staff are entirely behind the board and management, and we thank them for their commitment and dedication during this process.”

For more company executive news, turn to Corporate Ladder each Monday morning in Business Insight.

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