Re: proxy for BOD re election
in response to
by
posted on
Aug 18, 2011 04:35PM
(Edit this Message from the "Fast Facts" Section)
Well, I go away for a few weeks and of course all the action takes place. Glad to see a few new, but familiar, faces on this board. Lots to comment on, but I'll restrain myself and tackle one item at a time.
I absolutely agree with DC that it's way past time to remove CQ and DQ from the BOD. It's bad enough that they are still "employed" with SFMI- it simply doesn't look good, and is not appropriate if SFMI is to regain the credibility it has lost through a series of PR blunders. SFMI won't be viewed seriously until the nepotism ends. If PQ wants to draw a certain amount from the company, fine. I'd vote for and rather see him get a higher salary directly than through the back door. Much easier to defend than having his wife and kid, neither of whom has any discernible previous experience in the industry or any related field, employed and on the board. There's simply no way to defend them as being the "best available"- which is what SFMI should be aspiring to at this point. When SFMI was operating on a shoestring, it made sense to bring in family who you knew would work together, maybe forgo salary, etc. But at this stage of the game, it's no longer either acceptable or defensible. And BTW, RS may be in charge of the operations, but this shows who is still in charge of the company.
I voted against DQ and CQ continuing on the BOD. I ALSO voted against the stock option plan as my way of protesting their continued presence on the board.
Unfortunately, I won't be able to attend the meeting this year (fodder for another rant), but I hope everyone who does go makes it clear that CQ and DQ have to go.