Despite our best endeavours, including three unanswered letters, PaperlinX chooses to remain silent on the simple matter of whether Mike McConnell is a director.
The answer is either YES or NO.
That presents a problem for the Company and particularly its Governance Committee. Here is the background.
|I offer myself as a director of PaperlinX|
Eureka - a simple solution. If the board wishes to retain Mike McConnell as a director there is a six step process which could be implemented tomorrow.
- The board and Mike McConnell accept that he self-terminated his directorship on or about October 3, 2011;
- Mike McConnell refunds his director's fees for the period from October 3, 2011 until the date of acceptance in bullet point 1. That's nine month's fees, $86,250;
- On the matter of director's expenses reimbursed to Mike McConnell during that nine month period. SuX believes both McConnell and the board were equally culpable. Mike McConnell to refund 50% of these expenses, his share is estimated at $15,000;
- Mike McConnell writes a cheque for $101,250;
- Concurrently, the board appoints Mike McConnell as a non-executive director in the same manner as previously on August 1, 2011;
- As a new appointee since the 2011 AGM, pursuant to the appointment under bullet point 5, Mike McConnell is required to retire and being eligible may offer himself for election at the 2012 AGM in exactly the same manner as he did at the 2011 AGM. See below.
|Election of Directors - extract from 2011 Notice of Meeting|
|Election of Director - proposed for 2012 Notice of Meeting|