Corporate Governance or lack of it . I note that PPN's 2008 Annual Report says that there was only ONE Directors Meeting in 2007/08 and that only JT and ex director Maher attended that single meeting. WHAT ?????? Are my eyes deceiving me? No! There was only ONE meeting in 2007/08. Not good enough! . With so much at stake, I would expect the full Board to attend at least 6 meetings a year. Without an effective Board meeting regularly, who is going to keep the CEO, Chairman & Secretary in check. Especially if the CEO, Chairman & Secretary is ONE person and the majority shareholder. . PERFORMANCE ASSESSMENT [Recommendation 8.1] PPN doesn't believe it is feasable to separately identify in quantitative measures the contribution of any one director or executive to the operating performance of the company. What absolute HOGWASH! . Everybody is accountable to shareholders. If the CEO, Chairman & Secretary is going to pay himself megabucks, he had better prove to us that he is worth that money. The megabucks are certainly not justified on performance over the past year. . Just because you own 3/4 of the footy doesn't mean you have the ability to be captain of the team, umpire the game and operate the scoreboard, all at the same time. .
PPN Price at posting:
8.0¢ Sentiment: Buy Disclosure: Held
