role of management and shareholdersPosting a comment to @AlfTanner: @Alf, first of all, this post is in no way a critic to your post, just want to add something here. You said that there is no need to talk nice about management as they are doing their job for us.
Well, many many companies dont work well - I really know hundreds of them - because
1. management is egoistic and thinks shareholders are there to pay their salaries and to be exploited
2. communities think companies, especially miners, are there to be taxed and to pay social welfare
3. shareholders think management and employees are there to maximize their profit
4. boardmembers think the company is there to pay them a nice reward and give them insider information
well: all this is not wrong - but a company doesnt work if every stakeholder looks at things only in an egoistic way and of course wants the other stakeholders not to be egoistic. As I mentioned a few times already I m a long-term investor in Sibanye Stillwater. In this company every stakeholder works with the other and is there for the other: shareholders have been giving money to the company twice in the last 5 years, when it was badly needed. Management has worked for shareholders and they hold shares of the company themselves. They get payed well, but not excessively either and everytime you want to communicate with them as a shareholder, you are more then welcome. During the years, I ve learned to know every single one of them personally. With communities and government in South Africa it was a long struggle, but even they got the idea that it isnt only about demanding, but also about giving. The result is: my share price has 7folded during the years and I now get more than 8% dividend. It was a hard struggle, but that hard fight has made all stakeholders a great time, including the employees in the mines.
So thats what we need to practice with Trevali as well. And the "game of change" certainly does not (!) start in saying "ok, boneheaded management, so you gotta change this and that" - it starts with us shareholders in this forum (those who invest, not the traders) asking ourselves: what can I do for Trevali? How could I myself contribute in the success? You, @AlfTanner, are doing this in giving your honest opinion about hedging and other things, which I highly respect. The only thing I would like to add is if you really want to be taken serious as someone positively contributing, you will get the attention of management more easily by not repeating calling them bone-headed in about every post you make ;) I m quite convinced that you want the good thing and a nice profit out of your investment, which I want as well. But then you should either accept that the company has the mines it has, has the management it has and the board it has and work with these people in a constructive way - or sell your shares and search for sth that fits your ideas better.
And of course I dont want you to sell - just to make that clear as well :) It´s all about working together and many stakeholders havent learned that it starts with them giving a good example.
Last thing: I agree that you dont have to be ok with everything, another stakeholder does. And its perfectly ok to criticize. But within Trevali you have a management that is constructive and most important these people have their heart in the right place. They are trustworthy. They may have made mistakes - we all make them. But overall they (the new management: Ricus, Brendan, Derek etc., not the old one) have made a good job. If you cannot trust management, you shouldnt invest in a company. I know some of them and I do trust them - thats one of the reasons I am invested.
Cheers to all investors outside and @AlfTanner I hope you got my message right - happy to have you on this board!