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“IMO it is a very questionable appointment and as an investor, not one which I feel is in our best interests”
Is this comment based on an extensive working knowledge of her strengths and weaknesses?
To make a statement like that before said person has had a chance to prove her worth is going to leave you open to criticism I’m afraid. You should know that given your Non-exec and Exec experience.
Good point argobull
I expect a lot dont even know about the 3 leaving, let alone care their gone
Yes - Ian never seemed to appear at the forefront. More behind the scenes man I figure.
The ARB board had too many men. That drives away some institutional investors which is a bad thing. I am 100% behind his new appointments. Good move by PW.
re: Sarah Gow's CV, it is 100% correct to say that she spent 11 years at 'Citigroup', which includes hundreds of subsidiaries and companies that were ultimately bought out by Citi/Travelers, including those she mentioned.
Seeing how the company has grown, since they have been on board, be interesting to know why they have left - but more interested at present on the here and now
Thank you Hexam - have sat on boards and worked at both an Exec Level, and a Non-Exec Level, I know exactly what is and is not expected at that level - as well as the pocessess to get to that point.
It does, to me, appear to be a PW, rather than a Chair Person appointment, i.e. a personal rather than a commercial appointment and that is no disrespect to BD, but I would presume even she would admit to having an affinity with Argo and PW (she named her boat after the company after all - so emotionally attached).
The questions on who is Chair, from a governance perspective, is essential
Remember, much is said about the openness and transparency of Argo, this doesn't actually appear to be very transparent or open
I am of course going to remain invested, as do see growth still here, but the clarification of a truly independent chair is essential IMO
As well as the declaration of exposure of these new appointments
For balance, it's worth looking at who's leaving. Read the descriptions on Argo's page (still to be updated with the new team) - People leaving are Ian Macleod, James Savage, and Marco D'Attanasio.
https://argoblockchain.com/meet-the-team/
No one seems particularly upset about the leavers. However if Peter or Perry left it would be a different story.
AIG - I think they were very reasonable questions and you got some good responses - and some of the kind I’m sure you were expecting.
It’s rather ironic that you’ve got some flak for doing exactly what is expected of good NEDs :-)
"Someone asked the question about the Chair. Any suggestions?"
Rocking. I love rocking chairs.
re Questions on accuracy of the RNS are reasonable Qs too!
As I posted earlier "Salomon Brothers and Smith Barney are all connected to CitiGroup, so 11 years is correct."
AB,
Yep that one was a stinker no two ways about it.
I do think they got the 20% discount one wrong though.
And_its_gone
“ As I have said, check my posts, I am VERY big in Argo, but as an investor, need to query this”
No disrespect meant, but you could be VERY, VERY, VERY big in Argo, but PW is MAHOOSIVE in Argo, so the size argument isn’t swaying me in your direction.
Best person to take it up with is PW. Send him an email, or tweet him. Get it out in the open. No point in festering on it, if it’s a huge worry to you.
So to summarise, the RNS was a lie and the person in question, who probably hasn’t even set up her desk yet, is unsuitable for the job…..there be geniuses on this board! Lmfao
Thank you Trelawny, I think that was a supportive question
The other two appointments are great, however, the NED, from what I can see, was selected by PW, via an unknown process
The credentials are questionable
And the NED is in place to hold PW to account, on behalf of investor and independently
Blue Dolphin has openly been pro PW and Argo, so as a result, can she be totally impartial and will provide PW to much leeway, especially since it appears PW has had a say in her appointment
Questions on accuracy of the RNS are reasonable Qs too!
And_its_gone - if she is a heavy investor in Argo she won't want her shares diluted.
Personally I think the market over reacts to dilutions and the ones up until now have generally been positive for investors on paper, but the market reacted badly. I do think they got the 20% discount one wrong though.
AIG, I look at it another way in that maybe it’s to provide a bridge/sounding board for PIs of which she is one and quite a heavy one I’m lead to believe - The other two appointments seem geared towards the corporate side so maybe she has been put in place to represent us. Just my musings.
Salomon Brothers and Smith Barney are all connected to CitiGroup, so 11 years is correct.
Haha, good luck... and its gone
God help anyone thats questions anything and has their own opinion
@Enrico. As a woman, no its not sexist. The first 2 appointments screamed here are my credentials. Someone asked the question about the Chair. Any suggestions?
Actually, I worked at Natwest Bank, around 18 years as it happens, in Corporate Lending, issuing £000's in corporate loans, etc
Would I deem that relevant to my experience now - NO - emails, internet, etc was only being rolled out for example
That is actually my point.
The experience there is no longer relevant, other than it being on my CV.
As I have said, check my posts, I am VERY big in Argo, but as an investor, need to query this
I bet you've worked at Citigroup for much longer, haven't you? I thought so...
18 years ago was at Citigroup.... basically a generation ago (and was only 3 years not the 11 years as stated on the RNS)
IMO it is a very questionable appointment and as an investor, not one which I feel is in our best interests
The prevalence of sexism on this board is truly appalling. Do you think the appointee would be attacked like that if she had a beard?
Anyway, whoooooooosh! (Without a beard.)
I'd argue that it would be very, very difficult to find a suitable candidate that is totally new world. She has extensive experience in the world of finance and an interest in the future success of Argo. Secondly, as others have pointed out, it's a non-executive role. She's there to offer guidance to a company with no experience in the world of finance. Seems perfect for the role, what's not to like?
On the plus side, she is very well boots deep in with the PI's on the ground, so knows the sentiment here