Twelve months ago:Board: Tell me what your vision of the future...

Twelve months ago:
Board: Tell me what your vision of the future is.
Management: The high road.
Board: Tell me more.
Management: Less volatility. Higher margins.
Board: That is too good to be true. What are the costs?
Management: We need to spend big.
Board: On what? And what happens to earnings?
Management: Well, on us. I mean our salaries. And your salaries. Our consultant and IT friends for cost out and new systems. As for earnings, well look, this will all work out for the shareholders in the long run. As for the short...
Board: So how much are our salaries. No, I mean, your salaries going to increase?
Management: Whatever you think is standard as we go through a transformative cost out for the business. Excluding yourselves of course.

Twelve months later:
Board: Tell me what your vision of the future is.
Management: The high road.
Board: Tell me more.
Management: More expenses. Less disclosure.
Board: That is too good to be true. What are the costs?
Management: The shareholders might vote against the remuneration report. But that is a non binding vote. And we got away with it last year. And the shareholder won’t bother to vote anyway. Index funds don’t vote. Institutions are probably selling out. Retail investors are holding bags and don’t believe their votes will count. Day traders can’t vote. Plus I think they’ll buy the high road...

I’m sure this is not what happened, but the consequences of the past twelve months could support that narrative.