Ann: Chairman's Letter to Shareholders , page-7

Re Gurame going it alone for 100%, the buck stops with the CEO.
The original acquisition terms were touted as being very favourable to MEO, but they were able to buy in cheap because the deal included an expensive commitment well. If they had managed to substantially farm it down, that would have been ok, but Jurgen has to take the blame for that poor decision.
So yeah, Jurgen stuffed up on not farm-ing out Gurame, but many were happy to hold into the test and take a punt on success as he did, so retrospectively bleating when it doesn't come in is a bit hypocritical. If you didn't like the 100% decision then, you should have sold - as many did.
(Having said that, they did get the big Asian investor to stump up $10m of the cost, so that's a partial offset.)
Anyway, the positive out of this review is the board has actually done one, and put in place better safeguards over a range of decision and risk practices, and honed the future strategy.
Stressing about use of the word "regrettable" is spilt milk stuff - the board have given Jurgen a very public clip over the ears, and a new set of guidelines, but also decided not to throw the baby out with the bathwater.
On balance, I agree with that.
The company still has valuable assets and opportunities.
Some of them are at a critical juncture right now.
Sacking the CEO, and taking time to find a new one, would just set back many of these, and as a shareholder I don't want that.
I want ENI in particular to know that they have a sound partner in MEO who has sensibly reviewed after recent events, and made changes to strengthen the company going forward.
Even more important is that the same team is in place to seamlessly continue the negotiations, some of which are at a very important stage.
You don't get an international major to the table, and then sack your CEO when things are getting hot, without thinking very carefully about the ramifications of that.
As much as we would all like a scapegoat, as a shareholder I'd like some positive developments more.
And this is the best way to achive that, imo.