It appears that the company is essentially a one man show now, as the other two directors, based on the comments floating around at the last AGM, have been Andrew Price's recruits to the Board... as part of the team Andrew brought in after kicking out Harry Boon and his team with the support of other shareholders! And there has been no additional independent director appointed since then, despite Andrew indicating his desire to do so in his informal comments at the last AGM.
So does this mean that Andrew Price, as the 'driving' Board member, has now appointed Andrew Price as the MD and CEO of the company, at a remuneration package Andrew Price thought was quite reasonable?
Perhaps one positive that can be said about Andrew replacing Dave Allen is that one salary will be saved on an ongoing basis, assuming of course that the Andrew's total remuneration package (including share and options incentives) is truly reasonable!!
Unless more details have been provided by the company to the satisfaction of all stakeholders as to the rationale and justification of Board's decisions in recent times, the ordinary shareholders, instead of worrying about PXUPA to PPX ratios, should be more worried about the governance at the company Board level and its future!
There is a case here for ASIC to get involved and investigate whether the Board make-up and governance is up to the required standard!
And what are the substantial shareholders doing? Their silence is deafening!!!
SRS Price at posting:
5.4¢ Sentiment: Hold Disclosure: Held
