Comments on previous post and concerns Comments on previous post and new concerns.
Board of directors:
Who should be on the board of directors.
1: Qualified persons in mining operation and maybe a few with financial experience.
2: All board members should have a significant amount of shares ownership so that
their voting and advices would be profitable for them by increasing the share price.
Could be for short term or long term .
3: All board members should have an extra incentive to act and vote in favor of Abcourt advancement.
I think that existing board members (except family Renaud Hinse,Normand Hinse and Mr Mestrallet have no money in the game.(almost no shares ownership and only i few options that in the past have never been exercised).
4: Can we expect any board members to fight in favor of shareholders if any vote they take puts them in conflict with management and they could be removed from the board by not supporting the family.
I have participated in the annual AGM since +- 2010-11 and the only voice i have heard from the board was Mr Renaud Hinse and past board member Mr Marc Filion (both persons who i had all confidence in and is the reason i am now a large shareholder).
Mr Filion was participating in all presentations and financial planning.
I do not know the real reason why Mr Filion has resigned from Abcourt board.
I would guest that after decades of participation with no compensations and no incestives to continue except being a friend of Mr Renaud Hinse he had better avenues to follow.
I would vote with no hesitations to put back Mr Filion on the board of directors with a salary worth his participation(not just a bonus for participating in a meeting but a salary for his efforts and time spent outside the meetings and an options plan that would make it worth his effort and time ).
As for Mr Mestrallet even if he owns 20% should not be on the board (no experience in mining and by living in France is just a burden for all other board members to include him in the meetings).
As for Mr Courtois i have never heard him express an opinion in public .
So for now my opinion is that it is ok for Normand Hinse to be on the board because he will be the one replacing Mr Renaud Hinse in the near future.
Mr Mestrallet should resign as board member and propose an experienced person in mining to replace him.
Mr Courtois after 42 years should resign.
And last when there is a meeting or an AGM it should be recorded and available to view for all share holders.
At the next AGM all board members should be sitting at a table in front of the room and should all present themself and express their opinion and view of the future of Abcourt and explain what they will do to make it possible.
The AGM should not be pressed to close fast due to a board meeting and lunch after.
The AGM should provide a fast food service or sandwitch bar and give all participant the options to talk to all board members and participant after meeting.
Sorry for the longh post .
Fernand