If shareholders are to put it politely "less than happy" with the corporate governance of CFE, then they may wish to consider the forthcoming AGM and the opportunity that they have to not only ask questions of the directors at the meeting – but which can sometimes be fobbed off by the chairman to become non-answers - but also, and quite importantly, they have the right to put questions in writing to the auditor which he has to answer.
Refer to the Corporations Act section 250T - see
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s250t.html
Questions which shareholders might want to explore include, but are not limited to
the TIMIS transaction - both its origination and failure to collect to date; also why no security appears to have been taken from the TIMIS trustee
payments to Perth Glory
related party transactions
fees drawn from subsidiaries / associated companies
the identity of the people behind Gulf Energy
etc
And then of course there are the issue of losses being incurred, destruction of shareholder value, decrease in the tangible assets, remuneration of directors including the Chairman which some might consider to be excessive.
It would not be surprising if shareholders also vote against the remuneration report – that would be strike two and thus all directors would be up for re-election.
(20min delay)