Ann: Notice of Annual General Meeting/Proxy Form, page-14

Text book stuff that would do an MBA student proud @skorpion but alas not reality. A nonexecutive board sets the strategic direction but the CEO impliments. As I said the Board were asleep at the wheel and should have taken action much earlier than they did as the previous ceo was spending like a drunken sailor. The most we can say about the board is that they should have acted earlier to stop the hemoraging of cash but in my book the buck stops with the CEO. The CEO makes the day to day business decisions, the CEO has control of the purse strings and he must take the ultimate responsibility.