A shake-up of one of Canberra’s largest building and land-development companies will be sought at a shareholders’ meeting tonight.
The company, Consolidated Builders Ltd, is made up of about 100 medium- and small-builder shareholders, nearly all of Croatian background.
The company’s aims were to enable smaller builders to get access to Canberra’s land-development market which since privatisation has had erratic releases and domination by several large companies. The original intention of the company was to provide mainly for first-home buyers in Canberra.
In March a general meeting of shareholders appointed a four-member committee, including a solicitor, to look at the conduct of the company’s business. In a report, the committee said it found several areas of concern and has recommended publication of a more detailed formula for distributing land among the builder shareholders. The committee also recommended that no shareholder (including immediate family and related companies) own more than 9 per cent of the company.
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