I've been a long term critic of both management and the board's performance and have wondered the same thing myself.
The length of tenure by the majority of the board certainly exceeds the time recommended by organisations such as the Aus Institute of Company Directors. Given the misses on execution of stated strategy over the past 5 years I'm surprised that more haven't resigned out of embarrassment.
Roger Corbett was definitely pushed by the funds but was still able to go out on his own terms by saying that he'd step down by the next AGM.
Board & Management Team - why can't we get rid of them?, page-2
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