All things need to be looked at in the context of who is responsible for what. WHO is the regulator??
There have been numerous discussions about lack of independent board members or even the number of overall members to achieve balance
The number of board members and their make-up falls under the jurisdiction of the corporations act and not the regulators. Since there are no corporations police there is no one to investigate! It has nothing to do with the OSC, SEC or BCSC as it doesn't fall under their pervue or jurisdiction. It is like calling the Secret Service to get a double parked car towed.........they don't give a rats pa-tute !
If a company doesn't have the correct makeup of it's board then it joins a fraternity of about 30% of all public companies. The courts have long ago ruled that as long as these inconsitencies are remedied prior to a court appearance then they are deemed to be compliant. This is the coporate equivilent of recieving a parking ticket. The largest possible fine for a multiple offender is $5,000.00.
The only remedy is a fine......nothing else!
Many items trumpeted by sharholders as major transgressions, were not really a big deal. By getting bogged down in minutiae you look like an amatuer when dealing with a well oiled takeover machine. Arguing about a traffic ticket while Bernie Madoff is bilking millions, just shows his lawyer you have a weak hand and that you don't know where the Aces are.
Winning is always about a narrow focus on those items that can be won, and not fighting silly skimishes over things that don't really matter.............you may feel better and think your accomplishing something...........but all you are doing is running up a legal bill.
best of luck...........PC
