NGC MORNING BRIEF The battle to get voting results released was recently lost but the WAR will continue. This Company is being run by this Board of Directors as if it was their own private Company, it is NOT.
They are HIDING behind National Instrument 51-102 Section Continuous Disclosure Obligations Section 11.3.
They have done nothing wrong and are following the law.
PROBLEM IS IT IS A BAD LAW THAT NEEDS TO BE CHANGED.
The link below is Northern’s full Governance policy. I have extracted some points and commented on them.
https://www.northerngraphite.com/governance/
Northern Graphite is committed to conducting its activities in a manner that meets the best international industry practices regardless of the country or location of operation. The Company will operate with the highest standards of honesty, integrity, and ethical behaviour. It will conduct its business in a manner that meets or exceeds all applicable laws, rules, and regulations and meets its social and moral obligations. This policy applies to all Board members, officers and other employees, contractors, and other third parties working on behalf of or representing the Company.
My thought, the word “exceeds” and the words “moral obligations” should likely be removed from the above introduction on their governance page. I believe Cam Birge and Hugues Jacquemin would be embarrassed by this year’s results along with other Board members. For example, Birge received 592,943 abstain votes last year and Hugues Jacquemin received 602,560 abstain votes last year. I am willing to bet those numbers increased considerably this year along with the NO votes on the option plan which was 1,330,959 votes last year.
WHY WOULD THESE DIRECTORS BELIEVE THEY HAD A MORAL OBLIGATION TO THE SHAREHOLDERS OF NORTHERN GRAPHITE? SHAREHOLDERS ARE THE OWNERS LAST TIME I CHECKED.
Their attitude, moral obligation to shareholders be damned a BAD regulation allows the Board of Directors to ignore shareholders so THEY WILL WHICH THEY ARE.
- The elimination of fraud, bribery, and corruption.
Non disclosure of the voting results could possibly lead to one of the above occurring in my opinion.
- The protection and respect of human rights.
Human rights be damned our shareholders have no human rights.
- Providing an adequate return to shareholders and investors while ensuring that all stakeholders benefit from the extraction of the earth’s resources through fair labour and compensation practices, local hiring and contracting, community support, and the payment of all applicable government taxes and royalties.
The current market capitalization and the share price speak volumes concerning number 11 above. No comment necessary.