AGM involving a very big oil discovery albeit the actuall size has never been verified,with board break ups comings an goings involvment of politics in the region,i would bet they have rehearsed all poss questions because if they have not they are going to dig one bloody great hole for themselves which i am not sure they will be able to get out of.
Nicki, most of this defy s any real business logic, hence why I point out surely Jon Bon must have something to come to the table with (positive) otherwise why would he be appointed a month before AGM
Jon Bon surely cannot be taken to task on issues that occurred before his appointment,but clearly from now moving on he must be absolutely responsible, I agree totally ref the website it is minor but crucial in moving forward the problem is were talking about GKP and that shows very little logic
There seems a big assumption is being made that the new ceo will officiate proceedings at the agm. I'm not so certain of that given he is not currently an officer if the company and the board governance means recent departures might see him not being able to take up board position. I wouldn't be surprised to see him sit silently whilst the chairman officiates........
Sami Zouari has been there long enough to have a good handle on things and was likely pretty clued up on arrival as regards the finances. And, if I'm not mistaken, he is where the buck stops as regards IR.
I agree that Jon Bon Jovi's tactic must surely be to set out the stall in a positive way, whilst of course being factual. The last proper investor presentation was given by the Swami, that was positive.
A positive message will not however allow other people at Gulf to pretend that certain things which went on in the past are now somehow all irrelevant, overtaken by events, water under the bridge.
The issue of the outdated website is a classic example: the IR Manager learned this morning that her failure to update the website is likely to be raised in front of the directors and the lawyers. She has now sent an email - which I have - claiming that she and her team were never told that the website was outdated. But the audit trail shows that as recently as last Thursday this very issue was raised with two board-level people (and also went to a senior industry professional) and it had been raised on a number of past occasions. If Gulf want to be embarrassed by copies of emails about that issue (which is only a relatively minor one in the overall scheme of things, but is certainly illustrative) being handed to the board during the AGM, they're going the right way about it.
It's outrageous and I have a bit of an inkling that the board are going to be put on the spot - in front of the lawyers - regarding what on earth has been going on.
Jon Bon Jovi can IMO rightly say that since the irregularities were occurring since 2013 he isn't responsible for failing to deal with what happened in the past. But I think he only gets off the proverbial hook by saying what he is going to do in order to (a) stop any repeat doses and (b) deal with whomsoever has been responsible for the leaks (and also I guess, dealing with whomsoever should have dealt with these matters long ago, but apparently failed to do so).
Trying to brush it under the carpet isn't an option IMO
Chandley put yourself in his position (Jon Bon), if you knew the AGM was on top of you and you had bad news would you not get it out there as early as possible to soften the blow at the meeting it self, or you could possibly argue that is giving time to people (share holders) to present an argument, my view is this will be as positive as we have seen for some time because otherwise they would have appointed Jon Bon after the AGM I do hope I`m right ?
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