Formula for Success.

Q&A

Q. If what you are doing is not delivering expected results?

A. Stop what you are doing and review outcomes and adapt accordingly.

Effective project management is about using good monitoring and review techniques, and making effective decisions, using the best of analysis of progress against expectations. Most importantly it is about being close enough to what is actually going on, to be able to recognize when a plan/strategy is not working, and when to initiate corrective action and or CHANGE.

Effective Planning and execution of realistic/achievable plans is the primary foundation of effective Management.

Effective Management requires effective Leadership skills, to enable the thrust of the organisation to be driven collaboratively and championed by the boss.

The Boss must be an exceptional organizer. He must be able to organize the strategic directions and delegate the tasks to competent amd qualified people to carry them out. He must monitor their progress and their achievements.

Effective Management also requires the Boss to be a vey effective communicator, in all directions. He must ensure he has the knowledge to determine what results are required and the processes and disciplines involved in achieving them.

However, even as these essentials of Management may be from the conventional text books, and were they to be applied by the Board and Management team in the head shed, then it would be difficult to explain why this company is spiraling downwards so significantly.

The biggest problem I see is the process of ACCOUNTABILITY is not evident. On one hand the focus/pressure of accountability has been
beyond the grasp of any censure activity by the shareholder collective because the key shareholders have been alligned with the board.

Given the disasterous drop in share price over the past couple of years, in the lead up to the last AGM the Chairman complacently trivialised dissident shareholders, which showed a serious lack of perspective, and possibly a degree of ignorance about his role as Chairman as well as the real situation is regarding the status of the business.

On the other hand, where a degree of indifference by the powers that be regarding the pressures of declining gas and condensate production, the poor outcomes achieved at RGN, and little signs of anything positive on the horizon, I think it is entirely probable that our Chairman might be looking for someone else to blame for the decline whichhis team has not been able to counteract.

So whom does he turn towards when it comes to a likely candidate to take the fall? The Consultants? All care but no responsibillity there I assume.

I think it might be realistic to expect that the search might have already begun for a new CEO.

Beyond that the Formula for Success this company badly needs is unmistakenly imbedded in the need for CHANGE!

The sad reality of the existing outfit is; We were promised change, we were promised excellence, we were promised delivey of shareholder value? This whole fasade of competence and business accumen has reached the point of straigh-up delusionary self acclaimation. Lumped with the clamatous consolidation, and no pay-down of debt since their initial lofty promises, the bumbling RGN progress? Their believability index must now be rated as ZERO!

To be clear! I am not saying there has been any deliberate wrongdoings occurring! On the contrary, I actually believe that the failings of our B&M have occurred for other reasons which probably defy logical explanation. Whatever? But the situation has reached the stage where I believe there is no way the current B&M will be capable of making EGO a successful company long term.

My question to all the key shareholders including those who are Board Members is; "How much more money/losses are you willing to endure before you finally confront the need for important changes to the key personnel on the Board and Management.

To all shareholders, it is only 8 months odd till the next AGM, and as holders we owe it to ourselves and each other to tune in and ensure that we are all clear on the issues involved, and are willing to exercise our vote when the time comes.

The first strike on the remuneration resolution last AGM was a significant first step in the Accountability process.
All we want is for the B&M to start kicking some bloody goals. Stop promising, start delivering!