RE:RE:RE:RE:RE:What is sad Oldmariner.... Correction to my post: there are 2 family members and 2 family friends on the Board of Directors. That is four out of seven, giving effective Hinse family control of Abcourt's BOD. At the same time the Hinse family controls slightly over 20% of the shares.
I have no problem with insider buying. That is not the issue. I also appreciate that Mr. Hinse has kept this company alive and growing for decades and that we are on the cusp of much greater revenues. My hat is off to him for all those things. However, Abcourt Mines is a public company, not a family-owned private company. The BOD should better reflect that.
It should be one Hinse family member at a time (not both Renaud and Normand) on the BOD to reflect their family interest/the current company leadership. That is especially in light of the NSR on Elder going to Decochib (controlled by the Hinse family). These aspects of family self-interest add up and need to be considered cumulatively.
Normand Hinse does not have an education in mining nor years of experience in mining. As for finance, mining finance is a specialized field that requires many years of experience and a lifetime of financial contacts in the industry. So, let's not make more of his experience in mining finance than what it is. It does not warrant a place on the BOD along with Renaud
Francois Mestrallet to have a seat on the BOD is not that justifiable (yes he has 20% ownership, but he doesn't have a mining background),
What is Jean-Guy Courtois doing on the BOD all these years? He has neither a mining background nor significant ownership. He also is listed as a "non-independent" member of the BOD according to the WSJ website. What exactly does that mean?
The three remaining members on the BOD, Daniel Adam, Nicole Veilleux, and Rene Branchaud all provide valuable experience and qualifications in their respective areas of expertise to be on the BOD. They are good additions in recent years.
However, the Hinse family effectively controls 4 of the 7 positions on the BOD through family members and friendships, and that is my issue. Besides Renaud Hinse, the three other Hinse-connected members of the BOD shouldn't even be there because they are not sufficiently qualified. I have looked at the composition of the BOD of many Canadian gold mining companies. They do not seek family control when they only have a minority interest! Also it is highly unusual to have people on the BOD who lack the mining qualifications. I want the leadership of Abcourt Mines to replace the non-qualified family-connected members on the BOD with much better qualified and independent board members. Investors will recognize such a change and then reward the company. Abcourt Mines is growing. It will get more public attention. It's BOD can no longer look like that of a family-owned business, because it is not!