Let's hope Arrium's shareholders get answers from KM. And that...

Let's hope Arrium's shareholders get answers from KM. And that the idiots on that board are questioned for the professional competence and never be allowed on the board of a public company in this country again.

They can also ask Chairman Maycock whether he used his proxy votes to let Mr Bryan Davis keep his job on the board as an independent director despite being there since 2004 and being part of all the bad decisions and then arrogantly wanting to keep his job at the AGM in November 2015 as he wanted to be part of the solution. Given he was on the board of 2 other companies that detroyed shareholder value (Pasminco and Bendigo Mining) he should have been told to get off the Arrium Board. And what a solution it was - VA and shareholders left with $0. Bring on the class action shareholder lawsuit against these cretins if KM uncovers any illegal or wrongdoing under the Corporations Law.

And Peter Smedley - what a disaster this idiot Chairman was.

Dr Bob Every paid the debt down from $1 Billion to only $500 million when he left in 2005 as CEO (it was spun out of BHP in 2000/2001) but idiot head Smedley went on a borrowing binge despite the underlying business being of a very cyclical nature - Oh and this parasite got 2 huge amounts of cash from the shareholders along the way in the form of rights issues - over $900 million in 2009 and then $754 million in November 2014 just 6 months before this Napoleonic Chairman left the company. I bit like steering the Titanic into an iceberg and then getting into the liferaft and giving the wheelhouse to Mr Maycock. And when he left he had the arrogance to comment to the media "job well done". Shareholders who now have nothing might beg to differ (and some will no doubt be begging, while Smedley lives a comfortable reitrement down in Toorak).

Enjoy your retirement in your multi-million dollar house Mr Smedley, and your former CEO Mr Plummer.