Its a red flag. You're unable to see it, because of your bias...

Its a red flag. You're unable to see it, because of your bias Procedural fairness requires appropriate record keeping, adherence to a clearly defined process with independent review points, and substantive evidence to support decision making.

It's one thing for a growing small company to have poor records, but when the proxy regulator doesn't, It's strongly suggestive of a cover up. Alternatively, they're setting up a rogue employee to take the fall. Classic lack of accountability play. We don't have a cultural problem, it was Kevvy off on his lonesome your honour.

Absolute discretion with no record keeping and poor internal governance should put the fear into every prospective / innovative company seeking a listing in a sector that is not yet "on trend".