NOT everyone gets to say goodbye in a letter drop to 550,000 people. But that is what BHP Billiton's retiring chairman, Don Argus, has done, in keeping with one of his ''underlying principles'' during his 10-year reign - respect shareholders as owners of the company.
Mr Argus retires from the board on March 30. Before going, he has written to BHP's 550,000 shareholders, of whom 537,000 have Australian postcodes.
While it was largely a warm and fuzzy essay, Mr Argus could not help but fire off a warning to the federal government in its consideration of the Henry tax review and the review's suggestion of a resources rent tax.
''It is imperative that the impact of any policy and tax changes of governments around the world on sectors of economies should be well understood and do not hinder investment and the capacity of economies to grow,'' Mr Argus said.
''Ultimately policies which reduce free cash flow available from profits generated after paying tax could affect a company's ability to pay future dividends to its shareholders.'' Earlier he had pointed out that BHP planned to spend $US14.2 billion ($A15.4 billion) on growth projects this year, much of it in Australia.
Despite that big spend, and reflecting on his earlier career as a cautious banker, Mr Argus passed on the tip that BHP remained cautious about the state of the global economy.
Life after BHP will require some personal adjustments for Mr Argus. As chairman of the big company, he had a pay packet to match. Including his chairman's fees, travel allowances, retirement benefits and the like, Mr Argus pocketed $US1.13 million in the 2009 financial year.
That would have ranked him among Australia's best-paid chairmen. And it is not an easy amount to replace in one's personal finances. At least Mr Argus has a pool of BHP shares to call on if needed.
At last count and after some recent on-market purchases, Mr Argus was listed as holding 329,190 shares in the locally listed BHP and 21,740 shares in the London-listed unit. At market prices, the shares are worth about $A15.1 million.
You've got to think that Mr Argus will be sticking around as one of BHP's biggest personal shareholders.
''There is no doubt that the new partnership of Jac Nasser [the new chairman] and Marius Kloppers [the chief executive] will deliver long-term value to which shareholders have become accustomed,'' he said.
