This is an interesting if not highly dissociative view of a...

This is an interesting if not highly dissociative view of a director’s fiduciary responsibilities to shareholders.

Existing or prospective Shareholders are not responsible for creating or maintaining enduring business value, eroding shareholder value, or increasing business risk.

These decisions are taken by directors and management, and endorsed by a small number of shareholders whose voting power has been concentrated through consecutive performance based incentives and other arrangements which in this case would benefit from independent regulatory review.

Existing and prospective shareholders determine market value (to a point), and to date the market appears to recognise the substantial poor performance, high debt (at high cost), and limited tangible and potential assets - outcomes which form the basis for substantial ongoing executives performance bonuses which no reasonable person could reasonably justify.

It’s about time ASIC stepped in and took action here, and with the scope extending to all parties involved including auditors, directors, accountants, and major shareholders and beneficiaries.