Thanks Tevita.
The integrity of the any board (made up of a combination of both trust in them and confidence to do the job) is imperative to me.
This is evidenced in some of my posts in ST. ie in July-2013 http://www.sharetrader.co.nz/showthr...l=1#post415533 where I state "… never ever underestimate the value of an honest board."
The trouble is that when it comes to Board Integrity it can be very difficult to collect reliable data to form an accurate view. Opportunities to do so rarely present themselves in less-than-honest boards, because by virtue of their nature they will not announce any bad news until the horse has well and truly bolted. By the same token they will also spin average (or below average) news as great.
So in answer to your three questions:
Can we learn something of the culture of the Board from this lesson?
Yes. I think so. I know I have.
Where do their greater loyalties lie?
Hard to say. I think it is a fair call to say their greater loyalties lie with Norah than with the overall group of shareholders . But loyalty through respect or fear? The question begs.
Should we use this background as a filter when listening to/reading any reports on the company`s progress into the future?
I think so. At the vary least, anything emanating from any (actual or perceived) dodgy board should be treated more cautiously then would otherwise be the case. For me, I take it further than this and treat anything emanating from such a board with a fair amount of scepticism.