Ann: Change in substantial holding - Nero and Collins St, page-65

im sorry but this is a ridiculously naive position. the simple fact is CVN was involved in one of the greatest oil discoveries of the last 30yrs, a full 5yrs ago, and the stock is 75% lower now versus then. AC has borne none of this pain given he has been gifted basically all his stock/options, and even so vast majority of comp has been non-stock ie he has cashed in whilst shareholders have suffered. just because he has 'been there through the discovery of these substantial resources' means nothing - when have the shareholders been paid? we are not in the business of finding resources, for their own sake, and claiming the job is done. this is capitalism; CVN is a corporate enterprise. increase the value of the corporation, and find a way to get shareholders paid, or get out. clearly on actually delivering value to shareholders - the first and last mandate of every CEO, ostensibly - he has failed massively. and he has had 12 years in the seat so this is not a rush to judgement.

how, exactly, is it wrong to demand new management in this scenario? he (and the others) are clearly not interested in maximizing value for the actual owners of the company - thats us, the shareholders - and is perfectly happy cashing checks for however long it would take, as an independent, to advance Dorado (newsflash - many, many, many years). he is just the latest example du jour of corporate cronyism and poor governance in Australia.

he and the rest of the board should be out on their a*se and get in someone who is aligned (Delroy and co) and who has pedigree in actually delivering value to shareholders.