I posted this last night. The material comes straight from the QBL web site under Corporate Governance.
I wonder whether anyone has turned their mind to the possibility that given QBL are unable to meet a number of key areas from the, ASX's
Corporate Governance Council’s Corporate Governance Principles and Recommendations, that the current suspension might not have been as protracted as it has been had they implemented those Corporate Governance Principles?
https://www.queenslandbauxite.com/corporate-governance
By their own admission they have failed to meet eight of those principles. Would the current suspension / malaise have been shorter had these Governance Principles shortcomings not been evident?
It is worth considering in my view.
Specifically,
**Note the areas where they do not meet the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations.
** Note - this information is on the QBL web site under corporate Governance
1.6 (no evaluation measures for the directors or the Board) Why?
What is AGMPL doing under the Management Services Agreement? It is costing QBL a lot of money what is the benefit to the directors of that agreement?
1.7 (no evaluation measures for its senior executive).
Despite the exorbitant management services cost to AGMPL
2.1 (there is no nomination committee) Why?
2.4 (majority of the Board is not independent) Why?
2.5 (the chair of the Board is not independent) Why?
2.6 (there is no induction program for directors to develop their skills and knowledge)
Again, despite the exorbitant cost of the Management Services Agreement charged by AGMPL
4.1 (there is no seperate Audit and Compliance Committee) Why?
8.1 (the Board does not have a remuneration committee) Why?
The reasons given for non compliance with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations are not reasonable in my view. There are some very interesting rationales against all of those outstanding issues (
see QBL web site) .
And some have recommended that posters rely upon one source of information and yet this detail is in front of everyone and no one is asking, why?
And incredibly - posters who recommend relying upon a QBL rep also have at the bottom of their posts DYOR.
So which is it? Rely on the QBL rep or DYOR.
