Catherine Brenner fizzes out at her last Coke shareholder meeting

It was not publicly known early Wednesday morning, but Catherine Brenner certainly knew this would be her last shareholder meeting as a board member at Coca Cola Amatil (CCL).

So it may have been appropriate that she sought refuge in a place of pilgrimage and holy worship: Mary MacKillop Place, which is in the heart of North Sydney.

CCL was holding its AGM at one of the theatres on the grounds of this “spiritual, educational and hospitality centre” as the Mary MacKillop Centre describes itself.

We can only guess whether the MacKillop shrine held any appeal for Brenner as she faced losing another blue chip board role, but it did appear to distract her from the task at hand.

Media photographers were left waiting at the altar on Mount St - which separates CCL HQ from Mary MacKillop Place - for a photo opportunity of Brenner making her way to the AGM with the rest of the board.

Unfortunately, Brenner was instead driven to the back door of the theatre and briskly made her way into the centre while the assembled media were literally looking the other way.

The photo opp came later when Brenner and the rest of the board entered the theatre. By this stage, Brenner's best pal, CCL chairwoman Ilana Atlas, had already announced to the ASX that Brenner would not seek re-election at next year’s shareholder meeting.

The fact that Brenner has been on the board for ten years provided the cover for her decision - and it was clearly portrayed as Brenner's decision despite Atlas stating the board had "considered Catherine's position" following the AMP imbroglio.

Atlas justified Brenner’s continuing role, saying it would be invaluable given the significant turnover at board level over the last year.

The other good news for CCL investors is that Brenner will remain chair of the group’s Risk & Sustainability Committee until her departure “because she has been an excellent chair of the committee,” said Atlas.

Yes, she’s so good at managing risk. Just ask AMP investors.

Once the meeting was over, Brenner did not stay with the other board members who were hanging about on stage. She made for the exits and straight back up the stairs before anyone else had left the room.

Michelle Guthrie's troops at the ABC were the only ones who had the patience to hang around and catch Brenner finally making her way out a side door and back to CCL HQ.

Kool Aid

If there was one thing that was notable about Atlas’s first shareholder meeting in the big chair it was the board’s enthusiasm for its latest release: Sugar free Coke.

CBD chronicled the pariah status Coke had been reduced to last year when David Gonski marked his final AGM as chairman by barely mentioning the lolly water.

Coca-Cola Amatil chief executive Alison Watkins mixing with shareholders.
Photo: Peter Braig

This year, it had pride of place on stage and proved far more popular than the Mount Franklin Water.

CCL chief executive Alison Watkins was tucking into her bottle while Atlas was bravely defending the decision to keep Brenner on the board for another year.

One of the new directors - former Big W boss and current Goodman Fielder chief executive Julie Coates - was also drinking the kool aid, as was another newby - Optus supremo Paul (POS) O’Sullivan.

And of course Martin Jansen, who stepped down after the meeting as a representative of the mothership Coca Cola Company, almost finished his bottle.

It should surprise no one that Brenner’s Coke bottle remained untouched.

Milk froth

It is good to see A2 Milk's departing chief executive Geoffrey Babidge is mucking out the cow sheds before former Jetstar boss Jayne Hrdlicka, takes over the company with a very magic milk formula.

The stock plunged as much as 19 per cent on Wednesday when the dairy darling finally produced a forecast that disappointed the market. It said revenue for the year would be $NZ900 million to $NZ920 million, up 67 per cent from the $NZ549.5 million reported the prior year.

It was short of analyst expectations, and you can't afford to disappoint the market when your stock is as hot as A2 Milk.

The plunge to $10.50 makes things a bit less daunting for Hrdlicka, who is also the new president of Tennis Australia.

A2 Milk has now merely tripled its share price since June last year. At its peak in March this year, when Babidge offloaded $18 million worth of shares, the stock had quadrupled in just nine months.

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Colin Kruger is a business reporter. He joined the Sydney Morning Herald in 1999 as its technology editor. Other roles have included the Herald's deputy business editor and online business editor.