Ann: The Annual General Meeting, page-93

I would completely concur with your thoughts and those of inductor. Too easy to focus on what was wrong and miss what was right. There is so much to be happy about with this business.

Nick glowed with positivity and while he is inclined that way naturally there is no doubt he is proud of what his people have created. He is really clear that this is a team effort.

It's a case of waiting a little. Once we are listed over there, if there really are games being played here to keep the price down, it can only be a matter of time before any of those who are doing this out of spite or anger or annoyance or frustration decide to go with the ride and get wealthier still.

As for the executive chairman role - Gavin is right that the US often, though not always, have that role. There are a lot of people of there who challenge the role from a governance perspective but it persists. However it doesn't typically take the form of some one who is not heavily involved in the business as a job - not a role or in selected countries. I like the way the role is sometimes used as a way of sucession planning though - having a fully rounded, highly active and engaged Exec chair who is all over the external face and the strategy and the high level, complex customer issues, with a CEO who deals with the daily business with a minimal overlap in terms of the external face /investors and customers.

I don't think that's what we've got with the Gavin /nick mix but maybe they will rethink when they list. Gavin made two comments on this though the meaning was not entirely clear and one of them seemed to contradict his spirited defence of his Exec chair role. These comments were

Board roles and functions are regularly evaluated and there will definitely be changes as the company grows and develops

And
Craig Smith Gander is the lead independent Director. It is not practical currently for the chair role to be non exec but planned growth in management and evolution should make that occur before long and that will be tied in with a US listing.

I took from both those comments that they might rethink things at some point or when they listed. Well I guess we will see what evolves

An aside on Craig. I didn't think it was particularly professional to have a little outburst from him towards the end "and they bl..y (his unprintable language ) well deserve the pay increase"

Parsifal


Parsifal