TAS: Push to stop old-growth logging soundly defeated
LAUNCESTON, Tas, Aug 29 AAP - A bid to stop Australian timber giant Gunns Ltd operatingin Tasmania's old-growth forests was overwhelmingly defeated today at an extraordinarygeneral meeting.
About 200 protesters from both sides gathered outside the meeting at Gunns' Launceston offices.
The street was lined with loaded log trucks in a show of industry strength.
Inside, the resolution to end logging in 200,000ha of Tasmania's high-conservationforests was rejected by 54.8 million votes, Investors for Forests spokeswoman and Melbourneshareholder Erika Ford said.
The resolution gained 248,000 votes in support, with 1.5 million abstentions.
Gunns, which yesterday recorded a record profit of $74 million, was required to callthe meeting under corporations law after being presented with a resolution drafted bythe Wilderness Society and supported by 100 shareholders.
Society corporate campaigns manager Leanne Minshull said she was disappointed by theoutcome, but said the company's major shareholders were now on notice.
She said Perpetual, which had a 10.17 per cent stake, had not disclosed how it wouldvote, while BT had indicated it would abstain.
Ms Minshull said it could have been a historic day, with forests being saved and Gunnssaving a lot of money in "bad PR".
"We are just continuing now with our campaign, and I think the momentum is going tobuild," she said.
"We've also put the issue on the table, and the institutional investors are also verymuch on notice now, and they are very concerned."
Tasmanian Logging Association executive officer David Hazell said it was a commonsenseoutcome for the industry.
"What we really saw here today, outside the Gunns issue, was a threat to the industryitself," he said.
"The timber industry is heavily regulated, and our environmental focus is increasingall the time.
"We just need to go out there and sell it more to the public."
Comment was sought from Gunns executive chairman John Gay, who chaired the meeting.
AAP las/ak/bwl
KEYWORD: GUNNS
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