There has been no new news from Mongolia, other than an email received today from our representative in Ulaanbaatar. In this, he says that there has been no word regarding the court case involving MAC and the TD Bank. I ask him on a near daily basis about the status of these issues, and he knows very well the significance and importance of getting the information to us quickly, correctly, and clearly. In addition, our lawyer in Mongolia is very clear on the importance of this information. And to cover all bases, the Deputy Director General of the Bumbat Company knows that a decision here is significant, and to relay any information promptly.
Regarding Kennedy and the BCSC.
I can't and won't comment about their situation, however, I, and all directors of any company have a fiduciary duty to shareholders that supercedes any relationship to each other, personal or otherwise. All directors are aware of this.
Corporate directors must first protect the interests of the shareholders. If I, Kennedy, or any other director does something that endangers the shareholder's interests, then any and all directors who become aware of this must do all things to correct, protect, and disclose this. We could do nothing less. But more than this, directors have to be proactive in identifying and examining potential problems.
Additionally, some corporate directors are also registered professionals who are regulated under Provincial Charters. All P.Eng.'s (Kennedy included) and P. Geol's (myself) are required to uphold a code of ethics that places public interests first.
A breach of the duties of a director, or that of a registered profession is extremely serious and subject to extensive penalties and imprisonment.
One might ask why on earth anyone would want to be a director. I know I've heard the question more than once in the past few months. The answer is complex, and has never included monetary compensation as a reason.
Dave |
