Biotron Share Price Competition Jan 1 2022, page-406

Even small family companies change ownership over time. Whether handed down or sold on, if the company is to survive both ownership and management have to change. Its inevitable at some point. With new owners come new ideas, expectations and decisions to be made. Look at Disney for example. Started with the vision of Walt but now a media juggernaut with ever updated management who most definitely don't all subscribe to some of Walt's opinions. Hundreds of thousands of new part owners, new directors with new ideas relevant to the world that we now live in. The legal entity is just a constantly upgraded vehicle and management just the current drivers. Owners and management will change over time and as that happens the vehicle slowly takes on a new persona.

Back to Biotron though. This company has been publicly owned since its IPO in 2001. Some of its management including MM were not part of the original lineup in the prospectus. Some key founding members such as Professor Peter Gage and Dr Michael Hirshorn have long since passed away. In fact isn't Michael Hoy the only remaining original board member?

So the question needs to be asked, when shareholders agreed to elect or reelect each of these directors, have they added value and do the actions of the company under their management reflect the expectations of shareholders? That is surely the discussion that shareholders are having now and by rights should be having each and every year before they reelect them to represent shareholder interests. That is the responsibility of being a part owner of a public company.