RE:RE:RE:RE:Board chair at ONC I say the 2 board members with the least amount of skin in the game. Who knows, maybe we will see some share purchases by the board if they are reading what is going on here.
What is left to convince you that something like this needs to be done? Just look at the current board make up. Sure these individuals may have some positive attributes but do you really believe this is the best the company can do when they haven't even looked outside their own city ?
Are you satisfied with the way the company has treated you? If you can't pick up the phone and get some answers from the company then who can. That level of disrespect and apathy towards one of their largest shareholders is completely unacceptable. I'd already be screaming for heads to roll if I were you.
Has there been a pattern of missteps along the way or is it a one-off thing? I think it been a long pattern of closed, inward thinking and a willingness to only deal within a small circle of support in all areas.
Are you happy with the company realizing some of its potential or would you like to see it reach its full potential? The only way that happens is a complete change in management philosophy and a willingness to accept responsibility for past mistakes and actually learn from it.
A couple board members need to go now.
SPCEO1 wrote: So Jeff's counsel to me is to vote two board members off to send a message - thanks for that feedback. Anyone else want to offer some advice? If this were to be effective, it would help to have some agreement on who those two board members should be, although we are all free agents here and can vote however we like. At this point I would guess Lacoste and Littlejohn would be the most likely for us to focus on if we went this direction, but feel free to make other suggestions. And please be aware, I am not even committing to voting anyone off the board at this point. I am just looking for the combined wisdom of the group knowing that I may well be sitting on the swing votes. There is a very good chance I will disappoint the most disgruntled shareholders with how I vote the shares I control but those of you wanting even stronger action than Jeff has suggested still have time to sway me.
I will be thinking about any ideas any of you would like to share and then I will let you know my final thoughts at some point prior to the annual meeting, long enough before it so that all can consider their own positions in light of the advice offered here and make their own choices while having sufficient time to get them mailed in so they will count. I do not recommend waiting until the actual meeting to vote as one never knows if the technology will work. Remember last year, the technology crashed and we did not even get to hear the speeches of the Chairwoman and CEO. So, don't count on that. Also, for English speakers, it is possible the AGM will be conducted completely in French, so that could make it difficult to know when it is appropriate to vote online or what the discussion was before the vote. Voting early by mail or online makes the most sense.
Ideally, none of that is even necessary and we can get it all sorted out in a friendly fashion soon. Wino seems like he would be a great person to speak with the company to discuss the best way forward but he has to want to do that too. And, obviosuly, no one would be required to follow whatever the result of his efforts were anyway - it would just be guidance for how we might want to vote based on whatever came of his/her discussions with management (I know nothing about Wino other than his/her nickname). And if Wino demurs, we will need another volunteer to step up, so lplease be thinking about that too. We should be able to resolve this amicably, but one never knows how people will react, or overreact, to situations like this.
jeffm34 wrote: No I don't have a legal background. I don't think a special meeting is needed right now. If we do in fact have the numbers to vote out 1 or 2 board members this go around that's all that's needed. Remove 2 board members and let it be known if credible changes aren't made quickly then a special meeting will be called with a full slate of new board members proposed. The board is responsible for executive compensation so if we show we have the ability to change the board, you can be sure changes will be made.
SPCEO1 wrote: Jeffm34 - I believe you were the one who posted some info about calling a special meeting at one point. Do you have some legal background or did you just work hard to dig that info up? If you are a legal type - do you anything about what might happen if you got your wish and shareholders voted many sitting board members off the board? I am assuming the remaining board members would be able to replace those who were voted off with new board members of their choosing and potentially no effective chage from our perspective. Or is there some other way for shareholders to have a bigger say in who those replacements might be?
jeffm34 wrote: Here's a small company from Alberta, Canada specializing in oncology. They don't have one of several thousand ex-vps from Pfizer sitting on their board. Their board chair is Wayne Pisano who is the former president and CEO of Sanofi Pasteur. TH refuses to look outside its small circle of friends for any help what so ever. Nothing will change with the stock performance until that mindset is completely erased from the company.