Ann: Appointment of new Non-Executive Director, page-3

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RCee

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15/08/17

10:49

Post #: 26500026
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Originally posted by bug1 ↑

My initial reaction was 'why another one ?'

This isnt a replacement like previous appointments, and David Wiadrowski was appointed to a similarly titled role recently.

As an aside, story on Greencape's role (major Voc shareholder) in getting him appointed below, they actively found and pushed him to Vocus;
“We found a guy who was willing to join the board and become the new head of the audit committee, which is what they needed,’’ Pace says.
“The Vocus people spent a lot of time with him and agreed he was right for the job. And they told us ‘thanks guys’.
“Now it is not our job to do that, but we are all for influencing outcomes.’’

This will take our board size to 8, from a quick search a rule of thumb for a board size is 5-8 for medium listed company, 8-12 for Large, and as a comparison Telstra has 12, TPG has 5. So i guess its not unusual.

But now 2 new board members for the audit committee, it could be speculated that there could be bad reasons why a company might needs extra auditors. But take the appointment in context with the story about Greencape finding David, perhaps Vocus followed through with their own recruitment processes and decided that in addition she was too good to look past.

And i wonder if our CFO had something to do with it, he does seem like he wants to go into more detail than has been done in the past, the auditing committee would come into that i assume.

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My initial reaction was why appoint someone if new owners are imminent.

Surely a new PE owner would want to appoint their own people.

Last edited by RCee: 15/08/17

VOC Price at posting: $3.36 Sentiment: Hold Disclosure: Held
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Ann: Appointment of new Non-Executive Director, page-3

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