Boardroom Uncertainty Grows as Emu NL Scraps Key Director Election

• Takeovers Panel further varies orders on Emu NL board resolutions
• Keith Rowe withdraws consent to stand as director
• Resolution to elect Rowe removed from September 29 general meeting
• Resolution to remove Roland Bartsch remains excluded from meeting
• Panel’s decision reflects ongoing governance tensions at Emu NL

Background to the Panel’s Orders

Emu NL has been navigating a turbulent period of boardroom upheaval throughout 2025. The Takeovers Panel initially intervened in July to oversee a general meeting addressing key resolutions, including director appointments and removals. Since then, the Panel has issued multiple variations to its orders, reflecting the fluid and contested nature of Emu’s governance.

Keith Rowe’s Withdrawal Alters Meeting Agenda

Originally, the upcoming general meeting scheduled for September 29 was set to consider the election of Keith Rowe as a new director. However, on September 9, Emu announced that Rowe had withdrawn his consent to act as a director and would not stand for election. Following this, Emu requested the Panel to remove the resolution concerning Rowe’s election from the agenda.

The Panel, led by President Stephanie Charles, agreed to this request and further varied its orders accordingly. This means shareholders will no longer vote on Rowe’s appointment, narrowing the focus of the meeting’s resolutions.

Roland Bartsch’s Removal Resolution Remains Excluded

Notably, the resolution to remove former director Roland Bartsch remains excluded from the meeting agenda, continuing the Panel’s earlier decisions. Bartsch had resigned in June, but the Panel has maintained that shareholders will not vote on his removal at this meeting.

Implications for Emu NL’s Governance

This latest variation underscores the ongoing governance challenges at Emu NL. The withdrawal of a prospective director and the exclusion of key resolutions suggest unresolved tensions within the company’s leadership and shareholder base. Investors will be watching closely to see how the remaining resolutions are received and what this means for Emu’s strategic direction.

The Panel has promised to publish its reasons for the decision in due course, which should provide further clarity on its approach to managing this complex situation.

Bottom Line?

Emu NL’s boardroom saga continues, with key director elections now off the table ahead of the critical September meeting.

Questions in the middle?

• What prompted Keith Rowe’s withdrawal from the director election?
• How will the exclusion of these resolutions affect shareholder sentiment?
• What further actions might the Takeovers Panel take following the general meeting?