They could leave at least one place vacant and call for nominations, to let holders choose. That would give me more confidence they were independent.
The issue with a MD choosing the board and pretending they are independent is self evident.
Imagine a political party required investigating and they review panel consisted entirely of members of that party, how independent do you think they would be? It's largely a question of vigour. How hard will these "independent" directors hold the executive directors to account. One might say at best that it remains to be seen. Up to date, I don't think anyone has been questioning Pnina and Shalom on the inside, only us shareholders on the outside. Only so much you can do as a mushroom.
If everything is being managed above board, the current board should not feel threatened by including an outsider.
CGB Price at posting:
3.7¢ Sentiment: Hold Disclosure: Held
