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What a statement by the board.
...effective corporate governance leads to improved performance and enhanced shareholder value... what performance and what value?
- down 95% since inception!! - 10+ years at almost all-time lows - one year of no trading - over a year to do an audit with no end in sight - a President who won't communicate with investors - a President who outright lies to investors when he does communicate - apparently our Turkish property is gone but no announcement (a rumour but if true significant change to the corporation and should have been reported)
If this is effective corporate governance resulting in improved performance and increased shareholder value, I don't want to know what Frontline would look like with ineffective corporate governance. The President is doing nothing and apparently so is the board from what we can see.
Shareholders would prefer the board adhere to all the suggested guidelines. Since the board adheres to "many" of the guidelines and we have a corporation that shareholders aren't even sure still exists but in name only.
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