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Gold/Mining/Energy : Thermal Control Technologies Corp TCT (was Redux Energy)
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To: Nathan Hansen who wrote (902)8/16/1999 10:27:00 PM
From: Nathan Hansen  Read Replies (1) of 1208
 
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canoe.ca

One of boards' biggest sins these days, he says, is the stock options they grant themselves, particularly in The United States. "Companies are borrowing money to buy back stock to drive up their own stock options," Mr. Bertram says. "That's not creating shareholder value. The pendulum has swung too far. The interests of management have diverged from the shareholders. The whole options thing has divorced CEO pay from reality."

Then he stops, and smiles, and adds, "It's nothing that a good bear market won't kill."

.....

From coast to coast, many boards are out of touch with shareholders, he adds. "It's an unfortunate trend," he says. "It's a sad commentary on Canadian corporate culture. There are boards and managements that sometimes don't have parallel goals to shareholders. I fully recognize that sometimes a strategic initiative could take 24 to 36 months." He'll be patient, Mr. Penman says, "if there is proper articulation of the strategy. "There are many examples of companies with dismal track records and dismal management," he adds. "I'm not proud of the fact that I own some of these stocks, but from time to time it's difficult to sell."

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