CARIB assesses Independence of Directors
posted on
May 26, 2011 11:23AM
From Peety at Igloo:
"Ms. Longo provided the following answers; Who are the 'independent directors' "The independent directors consisted of Willie Lamaque, Ricardo Campoy,Bill sheridan" Perceived 'conflict' with the use of Micon "Micon is an international and independent contracting company with a very good reputation – that is why thousands of mining companies use them. For these reasons Century is working with Micon. There is no conflict of interest." These responses were provided in a timely manner, so ask and ye shall receive. Her closing line "Please let me know if you have any additional questions.""
Carib assess directors:
Let’s examine the “independence” of the three directors as identified by Ms. Longo:
William Lamarque:
Was named to the Board of Directors of Goldmarca (later re-named Ecometals) when Fran Scola was Executive Chairman in March 2007. He is currently the CEO and a Director of Ecometals; Daniel Major is a Director and non-executive Chairman; Fran Scola is a Director; and Keith Hulley ,former interim CEO and Director of Century Mining, is a Director and Chairman of the Audit committee. Lamarque and Fran Scola were the Finskiy-nominated Directors to the Century Board in March of 2010.
William Sheridan:
A Director since 2003 and a managing partner in the law firm of Lang Michener LLP (recently merged with and re-named McMillan) – Century’s law firm for many years. Sheridan and his firm have a vested interest in the merger because of the legal fees it will generate. If Sheridan voted against the merger, I have no doubt that Finskiy & Co. would replace McMillan with WTG’s law firm, MacLeod Dixon.
Ricardo Campoy:
A Director since 2007 (except for the first half of 2010) and the only director not nominated by Finskiy at the last AGM that was classified as “independent”. It is worth noting however, that from 2003 to 2009, Century directors received an annual grant of options, and Campoy was granted options one time in each of 2007, 2008 and 2009. In 2010 he was granted 250,000 options on his re-election to the Board of Directors on June 11, but was again granted 200,000 options on July 28 – one month after Peggy Kent “resigned” and another 250,000 one month after the announcement of the merger.
That is a total of 700,000 options awarded in a space of 10 months when in previous years he received either 50,000 or 100,000 options for the entire year. You be the judge as to whether he was rewarded for supporting Finskiy’s agenda, and whether he can truly be considered as “independent.”