I have voted against the first two but voted for the third, as it is just the auditor. They are on 0 strikes, so even if the rem plan is voted down the board will still hold their positions.
I was planning to go to the AGM as well but not sure I can be bothered now. Don't think I have the constitution to sit through another presentation which will provide no actual plan going forward.
As you say, the thing this company needs is a board that provides an actual direction. As of now we have a CEO who has been in the business for 1 year, I originally held high hopes for him as he seemed to have the right qualifications, but 1 year down the track and, unless I missed it, I have not seen anything from him that would indicate a roadmap or even an aspiration for the company! And as for the board, well in the multiple years they have been in place they have provided nothing of substance.
Looking at LinkedIn it appears that the retrenchment cycle got rid of a lot the workers and since then they have been replacing them with managers at various levels. I am sure the remining people who work at the coal face are doing their best but not sure how a bloated bureaucracy is going to get things done!
What amazes me is that the share price has been down to 10.5c multiple times under this board yet, bar Datt, not a single other board member owns a share. It is not a requirement for board members to hold shares but it is usually treated as a positive sign when insiders are buying, and anything positive coming from this board would be breath of fresh air. Wonder how low it would have to go before they would show confidence in buying a parcel because as of now it just looks like they are happy to take their money and ride the directors gravy train for as long as they can.
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