Annemc: Good post. IMO PW is PYC. We can't afford to loose him, and so there needs to be adequate compensation, but in the decision making for that compensation there should be some independence.
With the AGM looming should the board be urged to include an extra director who would be independent?
In PYCs financial report page48, it shows PYC have four directors. None of which are independent. PYCs explanation for departure from 'Best Practice Recommendations' is:
The Board has reviewed its composition and considers that the relationships which define all of the four directors as nonindependent have been and continue to be of benefit to the Company. It is not considered that the relationships of nonindependent directors affect their capacity to bring independent judgement to bear on Board decisions. ............
Are we happy with this explanation? ST
PYC Price at posting:
5.1¢ Sentiment: None Disclosure: Held
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