Moving Target CTP, page-32

An investigative book similar to that written by Paul Barry about Allan Bond may well be written about the CTP CEO and perhaps the whole of the CTP history ?. CTP itself will definitely be, and may already be, used in finance studies as an example of a company embodying a range of corporate / governance issues. 1. Legitimacy : a consistent body of shares are voted against company administrators at each vote. Co. administrators must not only do what they are supposed to do but must be seen to be doing it. The continuing unresolving issues articulated about this co administration are a red flag. 2. Communication : Use of Chinese Walls and limiting owner / co administrators contact to infrequent formal meetings is outrageously inadequate and disempowering of owners. 3. Owner exercise of control : Limiting of owner exercise of control to limited formal voting meetings institutionalises owner inability to action their knowledge and judgement. 4. Remuneration : Company administrators deciding their own income is corrupt,indefensible, and a covert transfer of owner wealth. This is another area where owners should be considering matters, exercising judgements, and making decisions. Co administrators income should much more closely linked to owner asset value change. This company is a textbook study in the full range of company / legal /' government supervision issues. Some of the odour around CTP could be cleared by the resignations of CEO, Directors Moore, and Gasteen. Owners should act now before the window of opportunity for change closes.