Disappointment echoed through the halls of the Massy Group as AngΓ©lique Parisot-Potter, the former General Counsel, expressed her frustration with the lack of transparency from the company’s board during their 101st Annual General Meeting. Last year, Parisot-Potter had raised concerns about the unusual practices of the company’s leadership, and this year, she seized her two-minute slot to pose three pivotal questions to the board.
- Corporate Expenses: Parisot-Potter delved into the company’s corporate expenses, which had seen a significant uptick in the past year. She questioned whether the hefty severance payment to the former CEO, Gervase Warner, correlated with this surge in costs.
- Debt Write-Off: Another point of contention for Parisot-Potter was the decision by management to write off a substantial debt owed by NiQuan Energy. She probed the rationale behind this move and its repercussions on those accountable for the nearly $200 million loss.
- Absentee Leadership: Parisot-Potter shed light on the company’s "absentee leadership model," emphasizing the non-residency of key board members like Chairman Robert Riley and Group CFO James McLetchie in Trinidad and Tobago. She questioned whether this model had influenced the questionable decisions witnessed and its implications for shareholders.
In response, McLetchie clarified that personal compensations for departed executives couldn’t be disclosed. However, he attributed the rise in corporate expenses to investments in enhanced capabilities like governance and treasury management, ensuring a fruitful return in the years to come.
Riley defended the presence of foreign-based executives, highlighting their extensive involvement in business operations beyond Trinidad and Tobago. He emphasized the necessity of a diverse board that combines local and international expertise to effectively steer the company.
Post-meeting, Parisot-Potter expressed dissatisfaction with the board’s elusive responses. She raised concerns about Warner’s severance payment post-early retirement and the shareholders bearing the brunt of overseas executives’ travel expenses. She urged shareholders to actively engage in such sessions, underscoring the importance of transparency in corporate operations.
Parisot-Potter remains committed to advocating for transparency within Massy’s operations, ensuring that stakeholders’ voices are heard and concerns are addressed appropriately.
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