Ann: Governance Update, page-14

Agreed blackekka I think it is a little harsh for CE to be forced to resign as CEO – the punishment doesn’t seem to fit the crime

As your business grows from a small organization to a very large successful publicly listed company – so do the rules of how you can and must do business

And its not a clear step it’s akin to the frog slowly being boiled in hot water

Let me explain

In a small mechanics business for example - with 2 or 3 employees - it’s fine if everyone helps the boss fix his car on the weekend at his workshop if asks you to - and you may have been given a slab or two for helping him out – and no-one blinks an eyelid about that because it happens in many businesses on this planet

But if you have thousands of employees and you ask a couple of them to help fix your car or boat on the weekend things become a little blurry on what is acceptable and what isn’t

In the first example you have 100% of your workforce working for you on company premises using company tools and everyone thinks that’s fine.

In the second example if you even use a very tiny minuscule percentage of your workforce to do a bit of work for you - everyone - and by everyone I mean the media – start crying and blow it out of all proportion

Percentage wise how much of MINres resources did CE use personally? – maybe 0.000001%? – of his own company he built from nothing!

Let’s make no mistake here it was wrong for sure - but I can understand how it could have unfolded


I think having the position of CEO and being thrown out of your own company that took you 40 years to build up from nothing is very different from being sacked on your first day at work at McDonalds that you did not create and have no skin in the game.

I mean - it’s his company – he built it – he is the major shareholder - he did so well for so long then a little hiccup happens and he's treated like Bernie Madoff by the media?

Maybe CE should have just given less shares to the share holders and paid himself a few more shares (diluting us shareholders) then on sold the shares to Mr Market and used the proceeds to pay someone to do the work he had done – we shareholders would then have been left worse off (diluted) but at least that way no-one could have complained.

I for one hope he stays on and with the increased governance rules now in place I think it would be the best outcome for MINres especially considering

CE has paid all the back taxes to the ATO

CE has also paid a fine to the ATO

CE has forgone salary remuneration

CE has paid back any monies owed to MINres

CE has owned his poor choices and said sorry at the AGM

What does a guy have to do to get a second chance on this planet?