The situation would have blown up then and there if he wasn’t allowed to, in our view. The likely reason it was held together till June was because he got what he wanted.
We’d be curious to hear his reaction if you were to call him and suggest he resume the non-executive position he had before or move into an executive role appointing a new independent chair. We suspect it won’t be pleasant.
If Mcglinn wants to become an MD and cede the chair role to Bakker as an independent, as well put Nikeas on as a non-executive that may be a solution the shareholders will accept. We don’t believe he wants to be accountable to a board that he doesn’t control.
We are happy to be wrong. He can end this whole thing by assembling a truly independent board. The circular reference of an executive reporting to himself or herself in control of the Board is not good governance in our view.
Let’s discuss. Give us a call. x64action.com
X64 Price at posting:
64.0¢ Sentiment: Buy Disclosure: Held
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