RE:RE:RE:RE:PYR s RadinThey do none of those things. It's simply not true.
They’re just not involved enough day to day with the company to offer more than very general insight into what management proposes; how can they be, when they meet once every 6-8 weeks for three hours. In between, they will likely have little to no communications with PYR management. They get the board meeting notes a week prior to the meeting, read them the day before (if at all), show up at a meeting, and vote YAY on every thing Peter proposes. That’s just how it works. Their primary role is “oversight”, which is a vague term to mean make sure the boss is doing a good job, AND, to fire and hire the CEO’s, which in PYR’s case would never happen due to Peter owning 50% of the shares of the company (making it a liability if he was fired) and the fact Peter is chair of the board. The vast majority of boards are puppet boards, cherry-picked to rubber-stamp executive decisions, and there because the law says so. And that's all okay.
Boards are dumb entities; they are there because the law says they have to be. Never stops a single company from screwing up. Ever. They only get involved ONCE a company has screwed up and needs to replace the leader before all is lost. Not gonna happen at PYR anyway. Want an example? Theranos. Had one of the greatest boards in history. Ex-
US Secretary of State George Schultz, Henry Kissinger, ex US Senator Sam Nunnn, Jamis Mattis (commanded the Persian gulf war), the former Chairman and CEO of Wells Fargo even, and on and on and on. Yet was one of the biggest tech collapses (and frauds) in history. And yes, I've sat on boards.
Anyways, not trying to be a contrarian. We can agree to disagree.
itwillbeoknowok wrote: MTG - sorry but I disagree with you. Boards have a big role as they plot out plans and make decisions on the direction that companies take. It doesn't just happen organicly.