There are questions re competence. Why didn't previous management and those on the board left over from then, do fixed flat forwards (FFF) when they did the original hedging? Given they found the error in not doing them properly in the first place, as the release discloses, why didn't they replace the FFF earlier and at a more opportune time? The current CFO has been there for some time through super high prices and much lower prices and better times to drop this on shareholders. Does he even understand hedges? Franky I would fire him. They chose to promote their junior guy when the millionaire previous CFO left and give him an enormous pay rise rather than get somebody experienced who knew what he was doing. Any good CFO would have seen the weakness they just announced they corrected as soon as he reviewed the portfolio and spoke to his bankers and fixed this long ago, not when the shares should be zooming up with high gold prices. What has the board been doing? Why hasn't the ex Maquarie hedging expert Chairman fixed this long ago? Where has the financial board member been? Some people aren't carrying their weight and in return we suffer. I don't want to talk about how much profit they gave IGO in overpaying for that asset in competition with the 70% owner who decided it was too expensive.
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