Talking about CTL management
We all took comfort in the reward plan that the Chairman and management team instituted for themselves if the company succeeded. However whilst the company is in its infancy we should have a look at the structure of CTL to ensure that the rights of shareholders are protected.
Dale Rodgers was the Chairman when the CEO and founder was removed and then he became both CEO and Chairman. This is not good corporate governance as he is monitoring himself and the main role of the board is to protect the interests of shareholders.
Also the registered office was moved from Goulburn in NSW to WA making it harder for shareholders to attend meetings.
His son was the major sub-underwriter in the 2016 CR and that is how he acquired his shares. There are strict disclosure rules around trading of directors shares but not family members.
So in summary we have a CEO who is also the Chairman and who has a family member with a large shareholding not himself.
I am not insinuating any wrong doing here but just pointing out the lack of transparency. With the recent increase in the management team we must have an independent Chairman to ensure the best interests of shareholders are pursued at all times.
Management have taken care of their best interests, now they should make sure that shareholders best interests are pursued
CTL Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
