ASX Announcement - National General Meetings To Be Held On 21 May 2004

Download the Notice of General Meetings (PDF - 52kb)

Download the Statement by Seven Non-Executive Directors (PDF - 40kb)

National Australia Bank has announced that it will hold General Meetings of shareholders on Friday 21 May 2004 at the Melbourne Concert Hall.

The Notice of General Meetings is being lodged with the Australian Securities Exchange.  There will be three separate meetings, as required to consider three different sets of resolutions submitted by Directors in three separate Notices served on the Company.

The first meeting will consider a resolution submitted by seven non-executive Directors on 26 March 2004 to remove one Director, Mrs Catherine Walter, as a Director of the National Australia Bank.

The second and third meetings will consider two sets of resolutions submitted by Mrs Walter on 28 March 2004 to remove all the non-executive Directors of National Australia Bank over time, to censure the Board, to request a search for a new Chairman and to express views as to re-election of non-executive directors and retirement benefits.

A Committee of the Board of the National determined that all of the resolutions submitted by Mrs Walter should be put before shareholders even though legal advice is that a number of resolutions are beyond the power of a general meeting, or beyond the capacity of the National to give effect to them or that they would have no legal effect.

The seven non-executive Directors recommend that shareholders pass the resolution to be considered at the first general meeting and reject each of these resolutions to be considered at the second and third general meetings. Mrs Walter was invited to make recommendations regarding the resolutions, but has not done so as at the time of despatch of the Notice of Meetings.  The Chief Executive Officer, Mr John Stewart, has not made a recommendation in respect of any of the resolutions.

The National has also released to the market a statement by the seven non-executive directors received by the Company and which has been included with the Notice of General Meetings sent to shareholders.  Mrs Walter was invited to provide such a statement to shareholders to accompany the Notice of General Meetings, but had not done so as at the time of despatch of the Notice of General Meetings.

For further information:

Brandon Phillips
Group Manager
Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile