That is a question we have all been asking for years and years. No answer forthcoming, nor will there be.
You wouldn't sit on the Board unless you felt there was a good chance of success so it isn't that they are not buying due to lack of faith in their own decision processes or the future of the Company.
Therefore it can only be that if you are rewarding yourself generously enough with options, free shares, performance rights, etc then there is no need to buy them as well! Also unfortunately in most cases none of the above are tied to specific SP targets.
It's not a good look and it's all far too easy.
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