RE:Directors' Minimum Share Ownership - Not an "empty whimper"So I checked the circular. The minimum ownership requirement has to be satisfied within 5 years. Tosto has now been on the board for about 6 months.
Important to distinguish between:
(a) the rules and;
(b) various moral or practical-pragmatic assertions.
By the rules Anna Tosto has 4.5 years to go.
Now I'll admit that one could argue that, on some kind of moral level, or on a practical level, Tosto SHOULD by now own some Quarterhill common shares. And I'll admit further that if I were invited to join a board and I was planning to agree to join that board then I would just, more or less immediately, go buy some shares. And if I wasn't inclined to buy any shares then I wouldn't join that board.
So on one level (maybe two) I kind of agree with you guys. On a purely practical-pragmatic level I can't imagine that Anna Tosto will be entirely happy with the fact that this debate about her lack of share ownership has broken out in a public forum. It surprises me that she doesn't just make the debate go away by buying some shares. (I'm actually a little concerned that now, because of this debate, she's going to get stubborn about this and make a point of deliberately NOT buying any shares. Bit of an odd position for a director to take but stranger things have happened.)
That said, she is just fine by the rules. Again, she has 4.5 years to go. And, as I noted before, we don't know her cash availability circumstances.
If you guys want to make a big stink about this at the next AGM then be my guest. I will not be joining you. On a list of, say, 30 different Quarterhill things that I might concern myself with I'd put this issue at about number 28.