Ann: Critical Milestone with Installation of PrIM, page-19

re: Ann: Critical Milestone with Installation... RB,
I think this ASA draft policy summarises what I and other like minded posters here want to see in the future from our company and board:

http://australianshareholders.com.au/asa_site/images/pdf_archive/presentations/asa%20policies%20080812.pdf

and this brief extract tells why:

"The ASA is absolutely focused on the performance of companies listed on the Australian Stock
Exchange, as this is the only way investors’ retirement and savings futures can be safeguarded. That
is to say that investors and the membership of the ASA are interested in share price performance,
dividends and distributions, and corporate profitability and the rate at which such profits are
achieved.
The ASA seeks to ensure the existence of appropriate and effective corporate governance impacting
the performance of each company which it monitors. As an example, the ASA is interested in the
workload, remuneration and performance of directors, as they fulfil their common law and statutory
duties to act in the interests of shareholders they are appointed to represent. In addition, the ASA
acknowledges the importance of engaging, retaining and rewarding effective management, which is
entrusted with safeguarding and creating stakeholder value.
ASA Policies & Guidelines are a tool for establishing a direct link between appropriate executive
reward structures through remuneration, with company performance and reward to shareholders."

RB I agree with FactorX that you sound like a good bloke and I have previously said I like your optimism in relation to NSP, BUT do you seriously think that the directors of our company could put their hands on their corporate hearts and say that they have aspired to meet their common law and statutory duties to act in the best interests of all shareholders?

I recently joined the ASA. My SMSF has holdings in established companies in its core portfolio that are monitored by ASA. ASA provides recommendations for AGMs and Special meetings and has proxy arrangements. This is why I joined.
However I have asked a number of times whether anyone here who posts on this thread is a member of ASA because I am hoping we can arrange to have our company monitored and bring real pressure to bear for change. These guys are masters of using the media to push for improvement in corporate governance and as Kosenar and others are finding our regulator appears to be reactive at best.

If you are not familiar with ASA have a look at the website and resources. There are local chapters all over the country. If others are members (or prepared to consider joining) and are prepared to email and agitate just a little bit we might be able to arrange monitoring of NSP by ASA and/or achieve an improvement in corporate governance (where the rebels failed). I think we might be able to do this by shining the light that has been shone here into a broader public domain....in other words shaming our directors into lifting their game.

In the meantime there is still a very small opportunity to get in or average down below 10 cents (only 119,289 shares available at or below 10 cents).

Comments please.

Regards,