Hi Scherobi,
You're right this company desperately needs an independent Non Executive Director or three!
However, Jacqueline's on-market share purchase should be seen as a small positive and doesn't in any way affect her independence. In fact as investors/shareholders we wont all Directors to have skin in the game and I personally like the 'insiders' in companies I invest in to have between
20-30% in aggregate of the issued shares. When companies lodge their Appendix 3Y's I'm looking for a meaningful outlay from Directors, say $100k+ and unfortunately in this case Jacqueline's trade is a mere token investment and does not represent skin in the game or align her with shareholders to any real extent, but good on her.
A Non Executive Director is still considered independent when they hold shares in a listed co. provided they are not:
-A substantial shareholder in the company.
-Have been employed in an executive capacity in the company and left such employment in the past three years
-Have within the last three years been employed as a principal or material professional adviser or consultant to the company.
-Is a material supplier or customer of the company.
-Has a material contractual relationship with the company other than as a director.
P.S.
The interesting thing about Tony's sudden departure is that he was Matthew's guy. The plot thickens!
Good luck holders and hold onto your hats, choppy waters ahead.
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