I am not across all the rules but a quick google suggests the below. IMO if the MIN bid fails and our board continues (with no NWE holding but a large MIN holding), things could get very messy. I would prefer a new board.
The importance of independence (aicd.com.au)
In Australia, the 2003 Australian Securities Exchange (ASX) Governance Council guidelines recommended that a majority of the board should be independent directors. Any company that fails to comply must disclose this fact in its annual report.
"According to the ASX council, independent directors are not members of management and are free of any business or other relationship that could materially interfere with – or could reasonably be perceived to interfere with – the independent exercise of their judgement. They hold less than five per cent of stock in the company and have not worked in an executive capacity for the company or an associated company for at least three years.:
I am not across all the rules but a quick google suggests the...
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