Each year the ASA compiles a list of the market's worst performers based on shareholder rate of return. "Clever PR jobs and well-worn motherhood statements in annual reports are no longer an acceptable response to poor performance," said executive officer, Mr Stuart Wilson. "We will be putting intense pressure on the Boards of these companies."

Not surprisingly, the Australian Gas Light Company was among the 35 "poor performers" on the ASA list. Last year, AGL made a disastrous foray into the New Zealand electricity market, which saw AGL incur a loss of $245.8 million from its 66 per cent stake in New Zealand subsidiary, Natural Gas Corporation. Last financial year AGL saw profits slump 74% to $115.4 million.