Todays AFR Page 27 - Wanted: Independent Directors

Yes, the full title of the piece is:- "Wanted Independent Directors who speak for the shareholder" - It very pertinent and important to the CTP board renewal/succession process that been going on as of late.

Its by Gabreil Radzyminski & Cambell Morgan who represent Sandon Capital - who class themselves as active investment managers.

Its well worth a read... It advocates greater engagement by shareholders with these Independent directors so as to provide shareholders the opportunity to form first hand judgements of their performance and this gives the Independent directors a first hand insight also into shareholder expectations... ie a two way process!

And we all know about the effect of misalignment of these two interest groups - Board & Shareholder - and its disastrous effect on share price & company performance.

It also states that shareholder should give more thought to nominating the directors themselves.... This is want Fund and Investment Managers are doing more so these days.... and perhaps they only decide to say participate in a CR if certain directors & management are put in place to de-risk their investment.

Also it says that in 2004 the ASX implemented a requirement for listed companies to adopt a majority of Independent Directors... I wonder who they are at CTP...I hope they disclose this real soon.

If not, the question can be asked at the AGM or webcast forums