Resolution 7 and Resolution 8, page-4

A look at past board resolutions and how they panned out will help. 

As I have maintained all along, BRL is run like a private company.  Any vote for RIM's shares/notes, are passed with the help of the other Singapore entities that own BRL (when RIM is not allowed to vote), along with the board/management.  Since collectively they own so many shares, they can all pass resolutions in each other's favor.  

So we as minority shareholders can rant as much as we want, but as far as having any impact on the actual voting of board resolutions, it will be zero on how BRL will be run.  Until these Singapore funds are out of controlling BRL, both they (Singapore) and BRL's management don't need to give a fig about what we minority shareholders think/do.  You may not vote for these measures, but they will pass alright, with the support of all the Singapore owners as well as board/management owners. 

Do institutional investors care about this?  The serious ones among them definitely do.  Yet another reason why BRL is bound to remain a value trap for some time to come...cash flow or whatever.  That is why BRL is the only buyer of shares at these throwaway prices.  Few institutional investors care now...or will care in the future with such a management or such a terrible share ownership structure.

As a case in point, I asked BRL management to explain what exactly happened at Rotowaro mine extension...and have yet to hear back from them.  Head in the sand management?  Not exactly.  Very arrogant management who seems to act with impunity?  Absolutely.