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It's fairly normal corporate practice for the Chair to take over...

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BobGee

96 Posts.

15

02/10/22

22:38

Post #: 63991068
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Originally posted by rileybro: ↑

Thanks BobGee for your insight.

I am a small passive shareholder in all companies I own, and am therefore generally unfamiliar with the contents of documents such as board charters.

I had no objection (at the time) to Mr Mcglinn's stop gap position of "Executive Chairman" because I myself was ignorant as to the contents of the board charter. I did not object to Mr Teo as an executive chairman due to that same reason.

Whilst I appreciate not allowing the ship to drift, could we not have had one of the other independent directors fullfil the role of chairperson, whilst Mr Mcglinn carried out the executive role?

Your reply suggests to me that breaches of the board charter have been occuring for years and sadly this adds to my concern rather than relieving me of it.

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It's fairly normal corporate practice for the Chair to take over the CEO's responsibilities in the shorter term in such circumstances. Happens all the time. After all, it usually falls on the Chair to seek out a replacement.

X64 Price at posting: 64.0¢ Sentiment: None Disclosure: Held
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