Ann: Operational Update, page-176

Apologies if this has already been covered, I don't have time to read all posts.

My experience with a board (not a mining company) was as follows:-

There was a chairman of the board and a number of directors. The board met monthly with the managing director and company secretary. Other heads of department were invited if there was something relevant to their department, e.g. large capital expenditure.

The managing director was on the ground at the processing facility. Every day there was a production meeting with the managing director and heads of department.

Weekly figures would have been presented to the chairman of the board on a weekly basis.

If the managing director had sprinkled his production figures with fairy dust one month he would have to make up the shortfall the following month, a dangerous practice in any field. If he was caught out he would have been sacked. The same goes for the heads of department - if they fluffed their figures to the managing director and were caught out they would be looking for another job.

This is the line of command I would have thought would be standard in most companies.

So what has happened here.
Did no one take responsibility?
Were they all too busy to read reports from subordinates?
Were they having a jolly good time dining out in Subiaco?
Did they think they were too important to read and understand the finer details of any reports submitted?