independentpositions on the board. Tuckwood also questioned van Hoven's suitability to be appointed Lead Independent Director.
major conflict between us as a shareholder and the Boardand promised a voluntary annual review of Board members. The lack of independence made Bidvest
as they go, based on their engagement with the CEOs – thereby further compromising the independence they insist they maintain.
wholeheartedlythat the auditors should be rotated.
historicclaimed van Hoven.
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.
Phone: 011 234 0703
Mobile: 066 326 1736