Aussie1968 and kemery, it might achieve 'transparency' that's clearly lacking at this publicly listed company.
Was anyone sacked as a result of this $16 million lost?
Did the Board receive regular, accurate reports from the MD/CEO that in turn came from his direct reports about credit management?
I for one would have liked to know from which country the bad debt emanated, and which company. It wasn't just $100,000!
I often don't begrudge Directors and top management bonus and STIs/LTIs even though some observers suggest that often the latter two are written in such a way as to make the 'hurdles' minor. But it has to work the other way, and for a company of its size, a $16 million bad debt here was by no means peanuts.
Am happy I sold at a profit. The only reason I'd buy back in is if I perceived it would be a takeover target. I lack faith in the Chairman, Board and top management if they hide information that ought be public.
