RE: Great game we play.11 Nov 2018 19:35
Brilliant thread title! Are you referring to the BOD or have you been reading ADFVN as well...
However, what I want to know, beyond the well update RNS, is what happened to the new Non-Executive Director?
CASP included a Corporate Governance section on the "About" drop-down menu, to meet the new requirement, effective 28th September 2018.
Although on reading it you may be forgiven for thinking they were dismissive of the requirement and merely doing the minimum permissible, it was mentioned in the Interim Results, just after the AIM 50 index acceptance.
Specifically,
Principle 5: Maintain the board as a well-functioning, balanced team led by the chair
and within this:
"Size of the board – requiring the involvement of Executive Directors in the various board committees
With only three directors it is inevitable that the board committees will comprise executive and non-executive directors. The Company accepts this is not a long-term solution and is actively seeking to appoint an additional non-executive director experienced in the Kazakh oil & gas sector.
Such a person has been identified and has confirmed their willingness to join the board with effect from 1 November 2018. At that time, subject to completion of the usual AIM director vetting, the composition of the various board committees (Audit & Risk, and Remuneration & Nominations) will be reviewed."
So what has happened to this person?
Did they fail the vetting?
Did they withdraw their willingness?
It seems odd that they cannot adhere to this timeline, where they are not subject to the vagaries of drilling, and even odder that they cannot update their website, especially as:
“We fully understand the importance of being transparent and fair in our dealings with others. The introduction of the new corporate governance code rules provides a timely opportunity to review and present the way the Company is run and how we deal with others. “
Jimo
joe
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