Should Richard Resign?, page-2

Yes I believe he should go. Surely the other directors (don't forget there was another director William Knowles added last week) can see that his position is untenable.

Shareholders own the company and vote for the directors. If they can't do it themselves, then I'd expect there to soon be a shareholder motion for an EGM where one or more directors are replaced. I've got no idea if this is the right process - keen for someone with more knowledge to share.

A lot of good issues are discussed here: http://www.companydirectors.com.au/...3-back-editions/march/feature-firing-the-boss

It looks as though the process may be hampered without a chairman in place. So is the priority to appoint a new chairman who has the guts to make this their first call and how does the current board manage this conflict of interest given personal interests (hence why more independent directors are required as well).

With the benefit of hindsight, everyone was happy with a small board when things were going well. Now, the current board has too many conflicts of interest for the position it finds itself in.