poor board governance is really endemic in nz i reckon , no accountabilty really.
need the aussie class action firms to set up in nz , that make some useless directors more accountable and make a lot of them take there jobs more seriously instead of in nz directorship is considered a cushy gig with great pay.
suppose there occasionally some pain when you get $435,000 in directors fees
Other Board members should be embarassed with what they have collected ...Carter seems the least occupied but got about $200,000 last year
Heads they win, tails shareholders lose - that's about the long and short of the old boys' club.
Nice cushion of $$$$ when their 'pride' gets hurt by their gross mismanagement of falling asleep after the 5 course lunch and alcohol during the board meetings.
Heads they win, tails shareholders lose - that's about the long and short of the old boys' club.
Nice cushion of $$$$ when their 'pride' gets hurt by their gross mismanagement of falling asleep after the 5 course lunch and alcohol during the board meetings.
.......and wasn’t it nice of the restaurant to give him a free dinner because they felt sorry for him
That’s a new twist on corporate welfare
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
.......and wasn’t it nice of the restaurant to give him a free dinner because they felt sorry for him
That’s a new twist on corporate welfare
Restaurant probably gets plenty of business from Ralphy & his old boys' club - shrewd PR on their part?
Must say that I have held Ralph in high regards for the job he did at ASB, CBA and then, stepping up to sort out Air NZ. This third massive profit downgrade of FBU and his attempts to deflect accountability and blame to others have wiped out most of the respect I had for him.
He has been a director since April 2014 (3.75 years ago) and Chairman since October 2014 (3.25 years ago) - long enough on the Board to have an impact.
Fact is that the worse of the project (NZCCC) was awarded in October 2015 - one year after he was made Chairman. Certainly not a contract he can say happened under someone else's watch.
Anyway, he has earned the better part of over $1.6m in fees to console his pride.
Shareholders should have taken heed of the fact that he owns less than 30,000 shares in FBU?
I agree that's absolutely laughable and another nail in the coffin for his reputation. Auditors are there, (I have done some auditing in my career) to check the veracity of the financial assertions in the financial statements and the underlying reasonableness of the basis of their preparation and have nothing whatsoever to do with the abysmal performance of any particular division and nor are they engaged to recommend business strategies to help turn and business division around. Good that he's standing down.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Originally Posted by minimoke
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