Metaco is a small, successful leadership consultancy. In 2018, it was purchased by Comair to become a key pillar in realising the ambitious dream of creating an extensive aviation academy for Africa and beyond. A change in executive leadership and Board dynamics at Comair led to that strategy and its newly acquired leadership consultancy being abandoned less than a year down the line. Whilst adjusting strategy to meet changing demands is welcome, the unethical and underhand manner in which Comair acted was simply corporate bullying at it's worst. We've recorded the history of events for public consumption and intend to show that it is possible for small 'Davids' to take on big 'Goliaths' successfully, to stand up for integrity and good governance so that all stakeholders can benefit.
Read all about it here:
independentpositions on the board. Tuckwood also questioned van Hoven's suitability to be appointed Lead Independent Director.
as they go, based on their engagement with the CEOs – thereby further compromising the independence they insist they maintain.
ensuring that staff are remunerated fairly, responsibly, transparently and in line with industry standards.
I would have expected the Board to know why they bought Metaco and if they approved of its disposal, but they didn't seem to have a clue. What I observed was a contradiction of the statement issues by Comair claiming that it 'holds itself to the highest standards in its business operations'.
I saw nothing of it at the AGM. They behaved like turkeys voting to postpone Christmas!says Tuckwood.
It is clear that there is excessive feathering of their own nest at Board and CEO level. There seems to be historic gross self-interest that does not serve the interests of shareholders. The non-independence of several members of the Board and Company Secretary, by their own admission, is extraordinary.said Tuckwood.
In my view, the Board had not applied their minds to the acquisition and disposal of Metaco, causing significant damage to the business. In the context of what I observed at the Board meeting, their non-adherence to basic governance procedures and highly unethical approach is not surprising. They have a lot to answer for. We now have to rebuild the business, and pursue expensive litigation after they grounded Metaco within a year of taking control.concluded Tuckwood.
We consider these actions to be in bad faithsays Barbara Walsh,
and the process has certainly taken its toll. In the course of one year, our business moved from being a successful world-class consultancy to conveniently being declared insolvent by the new owners. Metaco has never been insolvent and neither did our Board believe we were insolvent.
This corporate hostility is not congruent with Comair's stated values of integrity, strong ethics and good corporate governance. As a business, Metaco is tiny in comparison with Comair. However our strong and ethical guiding principles inform us as a business, and as people, on our way forward. In spite of the personal risk, I will oppose this strongly as a moral issue. It is our intention that, in standing up against victimisation, we can demonstrate that it is possible to take on giants. I hope our story will inspire others with the courage to do the samesays Walsh.
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