RE:RE:RE:RE:RE:RE:RE:Voting DayCornhill wasn’t directly involved in day-to-day operations (already semi-retired), afaik, so I don’t know how involved he was with WGL.
Major shareholders will be making their case in private meetings, and I’m sure they have.
Other than that, you make a solid case.
prostocker wrote: I had heard that Randy Crawford was a breath of fresh air compared to David Harris from someone who knows both well. I also appreciate that a new CEO is going to want to take some time to get their bearings when they step into the role, and not start to pull on fire alarms the moment they arrive. That said, he has had some time to settle in now, and needs to realize that a housecleaning is still in order. That starts with Watson. The predicament the company is in is as much his fault as it was Harris' (who was not fired because of his role in the WGL deal) or Cornhill's. Crawford & Board needs to remove Watson to restore confidence, and keep going from there on cutting costs.
I still wonder where the big investors are...QV should be furious that they were given a false bill of sale by Watson. Why are they not demanding that he be set loose or they walk? I know that Ian's still pretty wet behind the ears, but how do you hold your head up when you explain to your investors as Head of Equities that you were royally duped by the management of the company where you are their largest shareholder, and you just let their #2 guy go along his merry way? How do you think that doesn't send a message to your other portfolio companies? Pretty weak. I hope your investors make it harder on you then you have made it on the company, redeeming their investments in your fund given your lack of oversight and teaching you what "being held to account" really means.
Here's a related question: how much of the $1.1 BILLION of Altagas' "operating and administrative" expenses recorded in 2018 was administrative. Why doesn't Altagas report G&A as a separate line item when all of its direct peers do? (check out Pembina, Inter Pipeline, Gibson, Tidewater and Keyera). How much of that was paid to the executive and board in their pursuit of becoming the worst performing midstream company and destroying shareholder value?
As for the AGM, I will be withholding my vote on all resolutions in protest. If a dissident slate emerges then I will vote in support (provided they're relatively legitimate) Only if enough shareholders do this will the message perhaps get through that Board and management entrenchment is not acceptable and change is necessary (much more than the window dressing that has occurred so far). Once again, Harris leaving had nothing to do with his role in skewering the company. His departure was merely coincidental. Cornhill stepping down was loooonnnggg overdue and not like he's jumping on a grenade here, he owns a big chunk of the responsibility and should have been put out to pasture probably a decade ago in any event.
GLTA