WiseTech Global shareholders have voiced their unhappiness with the company’s management in a 50 per cent vote against the company’s remuneration report, but the outfit’s scandal-plagued founder Richard White is still calling the shots at the tech giant.
White, barely holding back tears, told investors on Friday that he was committed to the company, whose shares have slipped over 40 per cent following an investigation by the Sydney Morning Herald, The Age and The Financial Review that revealed allegations of inappropriate behaviour towards women, including complaints by multiple women who alleged he traded business advice for sex, as well as bullying and intimidation.
“I’m passionate about this company,” White said on Friday, acknowledging that WiseTech has had to endure a “challenging” year.
WiseTech co-founder and current executive chairman, Richard White, and his chief executive Zubin Appoo at the company’s AGM on Friday. Credit: Sitthixay Ditthavong
While the executive pay packets failed to pass muster at WiseTech’s annual general meeting, held in Sydney, on Friday, investors overwhelmingly approved the re-election of new board members handpicked by White.
The new members replaced previous directors who had resigned in protest earlier this year after losing their power struggle with White when he returned as executive chairman. In February, the logistics software giant’s four independent directors, including chair Richard Dammery, announced they were quitting due to “intractable differences in the board and differing views around the ongoing role” of White.
White, who was forced to resign as chief executive in October 2024, returned as WiseTech executive chairman in February. In March, a report found that he had misled the company’s board and that he had made “inaccurate and incomplete disclosures” about one of his relationships.
WiseTech’s lead independent director Andrew Harrison dodged the bulk of the controversy in his speech to shareholders on Friday, other than the unavoidable issue of the raid of WiseTech’s Sydney head office just weeks ago.
“Let me be very clear: this matter is only in the investigation stage, and no charges have been brought against any individual. Nor have any allegations been made against WiseTech Global. It is still in relatively early stages and is a process that will take time,” Harrison said.
Prompted by this masthead’s revelations in February that White may have engaged in insider trading – an offence that can attract a 15-year jail term – search warrants were executed at the global logistics giant’s Alexandria office.
