Ann: Board Changes at Alterra, page-2

It seems rather interesting that the Chairman has repeatedly stated that he is all about good governance, and this is apparently non-negotiable. However, judging by the recent AGM results the Chairman has just had over 45% of shareholders vote against him. That appears to be a very clear message and must be an ongoing concern for this position. Good governance and leadership would surely dictate that’s an untenable result for a Chairman of good governance? If he believes what he says then integrity and good governance must come first and the Chairman will resign? This will allow someone with the requisite skills, vision and ability to unite shareholders to be appointed to drive shareholder value.

Good governance involves action and not repetition of hollow words. However, I suspect it may mean very little here. In the latest announcement the Chairman states “the changes reflected further progress in the transformation of Alterra’s governance body to reflect the Company’s changed business strategy and its commitment to ensure the Board was appropriately skilled to deliver for shareholders.” However, this company has zero agricultural experience on the board and that must be a real concern despite what the Chairman of good governance states. If you look at the boards current experience then perhaps the Chairman has a grand vision of good governance to change direction into the finance and accounting industry, and this company will become Arthur Andersen 2.0?