I've already sent my proxy off having voted for the contenders.
I have communicated with them. I decided that I want Board members who have material skin in the game and have their interests closely aligned with ours.
A slimmed down Board will also marginally help profitability.
In particular though I let them know that I thought the senior exec were over paid relative to the performance and size of GCG and that too needed addressing. In FY12 it was +50% of NPAT... too high...
GCG also need a Board that is more than a one-trick-pony (i.e. their only strategy appears to be to try and sell GCG) which would appear to be unsuccessful to date. It appears that the contenders have the experience and motivation to turn GCG around if a sale process cannot be successfully concluded.
Cheers John
GCG Price at posting:
5.6¢ Sentiment: None Disclosure: Held
