I read the news today, oh boy,,,
I appreciate Mr Gifford's decision to withdraw his list of nominees before the AGM for the reason stated: that it would be destructive to SHs' and the company's treasury at a time when financing will be costly and difficult. This should allay the false concerns of those who have accused the FCU OS group of some nefarious plot to steal, or sell, FCU cheaply. (That was already attempted once. Ramember?) You know who you are.
Why would it be destructive? Because there is a $3million dollar bomb vest strapped onto this AGM, and if it goes off, the company's treasury dies with it. Thanks for being so careful to look after yourself, Dev. You must have had expert legal advice setting up this win-win situation that guarantees a fat payout regardless of performance and with no need for accountability.
Here's a puzzle: If Dev is the biggest single SH, with several million shares, his benefit would be much greater if he began to govern the company according to transparent, value-first principles. That would reduce the difficulty getting financing, the SP would rise, and his net worth would multiply faster than that of the rest of us. So why is he messing around with double-dipping, excessive salaries/bonuses when they're an order of magnitude smaller than a decent jump in SP?
Here's a challenge for our CEO: Heed the advice of several of today's posters (sudzie, for example, who's removed the wool from his eyes) and graciously accept compensation in line with the company's market cap and recent performance. Have the BoD do the same. (Maybe get some of them to buy shares; a criticism leveled at the dissident slate, who have NOT been on the board for years without shelling out for shares. Your bunch have no excuse) Be humble and sincere. It's not so hard as you may think. And reconsider the deeds of omission/commission that set the stage for where we are now. Read the FCU OS post from earlier today, figure out why we have trust issues, and tell us at the AGM what you will do about all this.
Here's what NOT to do: Don't tell us to sell our shares.