Perhaps I'm mistaken but you seem to be applying a phrase I used (destroying shareholder value) that was not directed at ML at ML.
I certainly do not believe ML has destroyed shareholder value - I think he has made some mistakes with tweets when he is a strategic advisor and so not a mug punter - and that appropriately the ASX should hold him to a standard consistent with strategic advisor status - but I certainly would not regard ML as having destroyed value. Or not much and for not long.
To suggest equivalence between the damage ML's misdemeanors have done with the egregious displays of poor judgement (callousness it appears to me to be with respect to shareholders) by KE is just plain wrong in my opinion. KE has had managing director roles within AVZ since 2014 - more than anyone else he is responsible for the culture of corporate governance.
In the time Klaus has been a director at AVZ he did not amend the Security Trading Policy that was in place before he got there. He sold shares during a closed period on two occasions in terms of that Security Trading Policy and when commenting in the media suggested the timing of his sales were to do with approaching closures of trading windows as quarterly or other financial reports were due - when in fact as the Security Trading Policy was written - prior to JORC Resource statement being made - was also a closed (ie Non Trading) period because he had never amended the document for it not to be.
Without amending his Security Trading Policy which would have involved telling the market it had been amended within 5 business days - waivers and exceptional circumstances clauses were the only way Klaus or any directors could sell (as directors) without breaching that policy.
AVZ Price at posting:
11.0¢ Sentiment: Hold Disclosure: Held
