The appointment of the Independent Non-Executive Chairman is meant to increase the transparency of the company (depending on how you read it). Anyway, here is some info I dug up on Non-Executive Directors , I assume this means Non-Executive Chairmen as well. The primary role of the independent director is to improve the performance of the board and the company.
The ASX Corporate Governance Recommendations in Australia, submit that a company’s corporate governance practices improve with the inclusion of independent directors to the company’s board.
Directors who are independent of management and have no other relationship with the company other than being a director are in this position. They should bring knowledge and expertise that other board members do not have, and bring an independence of mind and judgement. They are elected to the board by the shareholders, and should act only in the best interests of the company while representing the shareholders.
Read in to that as you will, but the board are on the right track with the appointment of Mr Mike Kilbride. The addition of the SIOC-CDT Non-Executive Directors in the near future are there to represent the BBBEE partner and they will root out any nonsense if it's going on.
Have a little faith Hairy. Those 100,000 options in your wife's name might be worth something before the time is up. Just think if you could exercise them for a resonable price and then trade them! ;)
CCC Price at posting:
25.0¢ Sentiment: LT Buy Disclosure: Held