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Fawzi has confirmed to me the AGM notice will be issued in November, as we all know the CEO vacancy is taking longer to resolve than expected. No comment on NM and his position.
Let's hope it is this year still and it would clear out a few things. Would be nice to have some consistency in timing in having the AGM and quarterly updates going forward.
If I was a CEO candidate there is no way I would take it while the previous incumbent, unwanted by the major investors, was still around in influential roles....neither Exec Director nor Independent...what sort of hybrid is that?
Never works in my experience...look at MUFC since 'the gaffer' retired...4 managers and still struggling despite over £1 billion spent...
The AGM requires 3 weeks notice. I'm still sticking to c20 November...
When can we expect the AGM to take place? Timing has been all over the place in recent years. Announced the date normally about 1 month before the AGM. Below a list of when AGMs have been held for the financial years from 2015 onwards.
FY2015 28.1.2016
FY2016 28.7.2017
FY2017 30.1.2018
FY2018 20.12.2018
FY2019 20.9.2019
FY2020 17.12.2020
addicknt, your agenda is clear as day.
rcgl, you're right, NM is not up for re-election and decisions about committee structures are a matter for the board. However, just as technical point, a large shareholder can table any motion it so wishes. If someone wants a vote on any NED they can table a motion accordingly. Personally, I'd be astonished if we see this at the next agm, but reading between the lines, my guess is that there may be some dissatisfaction with the current situation.
Yet another very intelligent post rcgl...
Good and reasonable approach rcgl2. AGM agenda will be revealing.
Dear rgcl, good post, regarding the fire works, what if a shareholder proposes an ordinary resolution to remove NM from his NED position? No reason this could not be dealt with at the same time as the AGM. Maybe Solgold have got a whiff this is going to happen?
Typo2x500,000 and 250,000 trades
Red those 3x 500,000 trades keeping you quiet ,see the trades after with higher trade price ...intrested:):)
Rgcl2
My guess is thatI think the clues are in the things that have not yet been addressed as corp governance issues. The annual report states what the company expects to have in place by mid 2022. These things would surely answer some of your questions 1&2?
Colonel,you know what your talking about dont you,well observed my friend ,totally agree regards auction time gla
OK so as far as I can tell from everything that's been said over the last couple of days: 1) NM's continued presence on the board and committees is a governance concern for major shareholders; 2) the ongoing lack of CEO and CFO could also be a governance concern for major investors; and 3) the governance roadshow is necessary to avoid "fireworks" at the upcoming AGM.
I might be missing something but I don't see how 1) and 2) would result in 3). NM is not up for re-election at the AGM. The membership of the various committees is not something that needs voting on at the AGM as far as I know. The ongoing search for a CEO and CFO is not something that will feature in the business of the AGM.
As far as I was expecting, the resolutions that will be put forward at the AGM this year should be totally uncontroversial, to avoid a repeat of last year's fiasco. I was expecting whoever is up for re-election to be re-elected, auditors re-appointed, directors comp confirmed, and a couple of totally bog-standard authorisations for the directors to allot shares, subject to pre-emption rights, with no specials this time around.
So why would there be fireworks? Are the board thinking that as a protest against NM the major holders could vote down all of the run of the mill resolutions? Are they expecting hard questions or comments to be voiced by shareholders? What am I missing here?