How would Fairfax shareholders feel this morning when they read these remarks by Westfield boss Frank Lowy, defending fellow director Fred Hilmer at Westfield’s annual general meeting yesterday, in The Australian‘s Strewth column:

Batting off shareholder aggro about the re-election of Hilmer to the Westfield board given his uncertain future as Fairfax chief executive, Lowy said Hilmer was a hardworking, excellent director: “Anything the company does, needs or wants from him, he’s there… in a way that you wouldn’t know he has another job.”

Then again, maybe many Fairfax shareholders and staff could only concur with Lowy, because they also don’t realise he’s got “another job.”