They are only prolonging their employment as board members blao as they are the only people to have profited from FXJ over the past few years. They hold virtually no shares and those that do were given them as options. Here is the current renumeration ( 2011 annual report ) for the fxj board :
Corbett - $ 412629 Mcphee - $ 167460 Morgan - $ 179319 Nicholls - $ 180582 Savage - $ 169241 Young - $ 220209 Anderson - $ 131493 NJ Fairfax - $ 211315
They have presided over the destruction of the business and shareholder wealth during their tenure. It is easy to see why they don't want Gina involved, she will get rid of the lot of them. They have everything to gain and nothing to lose by rejecting Gina's request unlike long suffering shareholders! I am not convinced they received that many letters of support from shareholders, most probably from ALP and left wing stooges. I hope Gina calls for an extraordinary meeting to give shareholders a chance to vent their true feelings towards this board. She is our only hope from sinking into the abyss!
FXJ Price at posting:
54.0¢ Sentiment: Sell Disclosure: Held