RE:RE:RE:CV appointed as ChairmanHello Ciao,
While I agree with your observations, Verde Agritech plc is a UK incorporated public company whose shares trade on a Canadian stock exchange. As such, it corporate governance falls under both UK and Canadian/Ontario securities statutes which impose a fiduciary duty on it Board members and officers.
A fiduciary duty requires members of the board and senior officers (CEO and CFO in Verde's case) to conduct themselves at all times placing the interests of the Company, its shareholders and other stakeholders ahead of their own personal interests. Fiduciaries who fail to act in accordance with the statutory provisions set out in the governing legislation (both UK and Canada/Ontario apply in Verde's case) leave themselves vulnerable to personal legal liability for their inappropriate and sometimes oppressive actions.
Corporate board members and the senior officers they hire and retain to manage the Corporation on a day to day basis must act in good faith. Those that fail to do so lose the trust of the shareholders who approved their appointment and should be replaced. In my opinion, shareholders who simply express their disgust by selling their shares and walking away do a great diservice to their remaining fellow shareholders. Common shareholders should act in their common interest, voting their shares for reasonable and appropriate governors who will discharge their fiduciary duties from an inherent personal belief, not because their behaviour is being imposed on them as a necessity of prudent securities legislation.
It certainly looks to me as if the time for common interests to prevail has come to our Verde investment. Can we count on your support?
Cheers,
S