call me stupid, page-22

moodi blu ..Its not fair that you and countless others lost money investing in Billabong. ASIC never has and never will protect any investor thats the risk you all have to take. Billabong like so many other companies has made some terrible mistakes, the law will call them errors of judgement but they are mistakes and very costly ones. Directors of Public Companies receive obscene fees for what little they actually do but thats the way it is, we can no more change that than changing what politicians are paid.I personally think the BBG Board both past and present should hang its head in shame, they won't but they should. BBs fate now rests with those who control the debt, Launa will be hamstringed by what she can do and that may ultimately seal its fate once and for all. If it survives and trades out the share price will ultimately go up, but its going to be a long, slow crawl back. I don't know who if anyone is buying up on the cheap there's been no disclosure notices which suggests no one is building any strategic stakes as you think. Shareholders do not have the power to remove Boards even though the spiel says differently. Until a FAIR System is introduced Billabongs and companies like it will keep making mistake after mistake.
To get rid of hopeless poor performing Board Members usually requires a majority shareholder vote or a minimum 75% pass rate of votes polled.
Billabong like most public companies has more than 20000 shareholders with the top 100 controlling 70% of total votes ONE VOTE PER SHARE. so those top 100 are usually institutions and have ABSOLUTE CONTROL of the company by their voting might.
A fair voting system would be ONE VOTE PER SHAREHOLDER then 20000 BB shareholders would get EQUAL VOTING RIGHTS and the 100 institutional heavyweights on its share register would have 100 votes out of 20000,. The age old argument against this is the largest shareholders have invested more they deserve more say, ...they are compensated by getting more dividends pro rata to their shareholding. The shareholders could have vetoed any of BBs mistakes from overpriced acquisitions years ago and we would not be in this position right now. Instead of getting angry which you are entitled to do I don't know how to recover your losses or anyone else's but a fight for a fair and honest One Vote Per Shareholder can only help EVERYONE in the future...Its a fight worth striving for because until it happens this nonsense will happen time and time again, shareholders own these companies they should have the right to get rid of
Directors that get it wrong. I don't care who you are no one not even me and I'm good is worth $10 million a year plus perks that some of these jokers are being paid.,BBs poor achievers had pay packets over $2 million.
Don't think Launa is worth her windfall but time will tell. Don't know what she gets on the CBA board and when does she spend time on its affairs?
It is all a bit of a joke really. Shareholders wake up to what's happening we need change......VIVE la revolution!