B.O.D.'sI think before we start the "fox hunt" in regards to the former CEO Mr. Chris Carl (and trust me....he needs to be held responsible for his actions) we need to reflect upon the roles and responsibilities of the BOD's. When I take a closer look at the following excerpt I can only draw one conclusion with all that has happened to date: Where the heck were the BOD's? Did they not have knowledge of the goings on in this company as they should? And if so, why did they not blow the whistle? Maybe someone wanted to, which begs the question; why the sudden departure of Carl Linsert Jr.? Was he pushed out of the circle because he wanted to come forward? Maybe when all is unravelled we will know. (Sorry, I digress!)
Further, the BOD's to my knowledge are in position to govern the CEO and his/her actions! Albeit, at arms length.....they control much of what the company is doing, and in which direction the company is heading. (Why do you think Chris Schnarr is now the CEO? The BOD's are obviously enamored with the new direction that Schnarr foresees). Therefore, it is my premise that the BOD's are also responsible for what has happened to this company, and need to take immediate action to gain the trust of the shareholders, or their heads should be placed on the chopping block as well.
GLTA
"The board are directly accountable to the shareholders and each year the company will hold an annual general meeting (AGM) at which the directors must provide a report to shareholders on the performance of the company, what its future plans and strategies are and also submit themselves for re-election to the board.
The objects of the company are defined in the Memorandum of Association and regulations are laid out in the Articles of Association.
The board of directors' key purpose is to ensure the company's prosperity by collectively directing the company's affairs, whilst meeting the appropriate interests of its shareholders and stakeholders. In addition to business and financial issues, boards of directors must deal with challenges and issues relating to corporate governance, corporate social responsibility and corporate ethics."