Shareholders of Super Retail Group, the company behind Rebel Sport, Super Cheap Auto, BCF and Macpac, have good reason to expect answers to some tough questions – and heads on spikes – at the annual meeting next week.

Just last month, Super Retail’s board was forced to quickly settle a bitter and expensive legal battle with its former top lawyers that was triggered by the secret relationship between then chief executive Anthony Heraghty and former HR boss, Jane Kelly.

Former Super Retail chief executive Anthony Heraghty and chair Judith Swales, who is fighting to keep her post.Credit: Joe Ruckli

The settlement came barely a week after Heraghty made a disclosure to the board which, quite obviously, made its legal position in the legal brawl against Rebecca Farrell and Amelia Berczelly untenable.

All we know is that this settlement with the two former Super Retail lawyers, who blew the whistle on the secret relationship and alleged breaches of the Corporations Act, was less than $30 million. It comes on top of a legal bill in excess of $10 million, and we don’t know whether Super Retail had to cover any of Farrell and Berczelly’s legal costs.

So a little humility, a lot of clarity, and some bloodshed should be expected next week.

Especially with three proxy advisers, ISS, the Australian Council of Superannuation Investors and Ownership Matters, and the Australian Shareholders Association, recommending that investors vote against the re-election of new chair........

© The Sydney Morning Herald