To buy or not to buy, that is the question
June 10, 2017
Whether ‘tis nobler to buy back shares or pay a dividend? Introduction Maybe Hamlet was not so concerned with shareholder distribution, but most
Category: Board Effectiveness
“Marking our homework” – Why executives resent non-execs
April 5, 2017
It won’t be long into your first non-executive job when you start to feel as if the executives resent you. It’s okay. You haven’t become
What’s your favourite part of being a non-executive director?
October 3, 2016
I’m going to take a wild guess here, that the least favourite part of a typical NED role is setting executive remuneration. To the
Someone getting emotional?
June 25, 2016
People are only human. Occasionally they fall in love with other people. Ideally, the ‘other person’ works elsewhere, but sometimes the two work together. Many
Is management telling the whole story?
January 6, 2016
The company was in financial difficulties, as changing market conditions had seriously exposed the misplaced strategy. There was however no suggestion that anything improper had
Just say ‘No’ – assessing an offer for your company
December 21, 2015
In previous articles, I covered how a board should react to an unsolicited approach or offer for the company, how it would value it, valuing shares
An unsolicited approach: Let battle commence
November 16, 2015
My earlier article talked about how a board should respond to an unsolicited approach for the company. This looked at a straight-forward offer that the board
What if you get an unsolicited approach for the company?
November 2, 2015
I was having a good day, sitting in my office sorting a few things out. Then, late afternoon, the phone rang. It was the Chairman
What are pre-emption rights and why do they matter?
October 14, 2015
The board is contemplating an equity raise. The brokers and CFO talk in respectful terms about preserving pre-emption rights and what this means for how
What’s all the fuss about cash?
October 7, 2015
Companies differ very much in their attitude to the importance of cash. If a business is private equity owned, highly geared (ie has a lot