AN ‘unknown’ contender has joined the Worldchoice
election race with a pledge to reignite controversy surrounding the Shareholder
Value Scheme.
Andrew Earle, who owns three agencies in the Hull
area, is the third candidate in this month’s election battle for two places on
the consortium’s board. Former president Julian Foster, who controversially
resigned over the shareholder issue last year, has given his backing to Earle.
Chairman Colin Heal and commercial director Keith
Wilson are already both up for re-election to the board.
Earle has vowed to raise awareness of Worldchoice’s
new voting scheme, which is based on the number of shares members hold. This
leaves the balance of power with those who buy the most shares.
He said: “It’s unfair. I chose not to invest but there
are a lot of people who do not have the cash to do so. Even staff at
Worldchoice head office have more voting power than me.”
All members automatically received 120 shares and a
further 40 for each additional branch they own.
Earle has 200 shares – and votes – compared to
Wilson’s 50,700 and Heal’s 10,120.
Wilson admitted the scheme left voting power in the
hands of bigger shareholders but said it had been voted in by a 94% majority.
He said: “He who pays the piper, calls the tune. There
is still a tiny minority who continue to dig up the past and do not appear to
be prepared to look to the future.”
Earle conceded the share scheme was a “fantastic idea”
but claimed it was not being run effectively. In a further dig at the
consortium, he attacked the Worldchoice Enterprise scheme, which invests money
in new shops, for not being set up as a totally separate entity to Worldchoice
UK and said buying outlets so far apart geographically spelt disaster.
Members have two more weeks
to cast their board votes, with the two winners due to be announced at the
annual general meeting on April 25.