Yes I have joined the Action Group. Without seeing the terms of various contracts, and knowing that with voting numbers it would be stretching it to think we could remove the Board, even if doing so was deemed desirable, at the very least we need two more directors, both independent of the CEO/MD and of any ties to loans. One of the independent directors must be the chair who will have the casting vote. A Board structured as above complies with our company's requirements (I haven't seen the Constitution or other governing document..whatever exists, but assume the minimum of 3 directors as posted by other shareholders is correct). A board like this places a higher degree of accountability on senior staff than what currently exists, has the potential to bring in expertise that the current Board lacks, and could and should give a more critical assessment of current failures and actions needed to remedy the on-going issues, both corporate and activities related. I would think this would be a sensible approach that may bring the two groups within the action group together...those who want a new Board, and those who want to retain expertise and knowledge of the company of the current board. Indeed if the current Board members consider this, they may even vote for the two independents given one must assume they want the company to succeed!
CTL Price at posting:
0.9¢ Sentiment: None Disclosure: Held
