As an insider Michael has the responsibility to do everything with as much transparency as possible. Filing an insider sale transaction on SEDI only when he gets called out is understandably not in the best interest of the shareholders as his position is dictated to act upon. We were told by Steve that Michael’s selling was over when this was not the case. To be clear it’s within Michael’s rights to sell as he sees fit but it’s in our rights as shareholders to know about it within 5 days as per the regulations and law.
This seems like a clear intentional action and not an oversight from Michael’s part. I agree at the end of the day it’s up to the individual, in this case, Michael to act within the confines of his responsibilities but it’s also up to the rest of the board members and shareholders to act accordingly when a board members’ actions does not match their responsibilities. Violating SEDI reporting requirements should not be taken lightly as it could promote other insiders to sell without reporting (if it hasn’t already happened). There should be punitive actions to prevent this from happening again. I would personally suggest either Michael steps down from the board of directors and becomes just another shareholder without insider knowledge and/or there’s another additional seat added to the board of directors that better represent the current shareholder and their interests.
We could compile a list of the largest shareholders outside of the insiders that would be interested in the position to represent the rest of us shareholders and our interests and we as shareholders can vote for the candidate we see fits best.
I don’t mean to beat a dead horse however I want to emphasize that the purpose of SEDI is to protect shareholders. If it’s not used as intended 1. There’s not point of it 2. We are negated the opportunity to make informed decisions of owning (or disposing) of shares of a publicly traded company.
Laurion is a meaningful part of my portfolio as I get a feeling it is for many of you on this forum. I believe proper good governance and transparency practices is in the best interest of all of us especially if laurion is as good of a company as we believe it to be. I see all the positive elements of Laurion as a company however I’m not blinded by my wishful thinking. I’m deeply concerned by the misjudgement of one of the board members that is suppose to have the best interest of all shareholders in mind.