FROM an individual company perspective, Dave Woollam might qualify as the shareholder from hell. From a broader governance perspective he is more likely to qualify for the title of leading angel.Woollam, an executive director of Summit Financial Partners, which is driving a campaign to clean up the unsecured lending industry (see page 40), has just taken his battle against unsecured lender Lewis Group up several notches. He has initiated a section 165 derivative action.In layman’s language, he has obliged the Lewis board to inquire into the conduct of its directors and determine whether they are delinquent.The move has potentially devastating consequences for the named directors, who face the risk of personal liability, and for the company. The directors at the centre of Summit’s latest action are CEO Johan Enslin, CFO Les Davies, chairman David Nurek and chairman of the audit & risk committee Hilton Saven.The company says it has sought legal advice and been told Woollam’s demands a...
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