Remember George Tenet? He was given a gold medal by the President for his "stellar" performance as head of the CIA before 9/11. That was around the time he "voluntarily" resigned.
Well, why don't we do the same thing for Telfer? Let's give him a gold medal and thank him profusely for his "stellar" performance -- losing big money for the company as a result of the Amapari fiasco, agreeing to pay way too much for Glamis and then denying GG shareholders a vote on the deal, and, most importantly as far as the share price is concerned, failing to meet analysts' consensus earnings estimates in four of the last six quarters. All of this would of course be in return for his agreement to "voluntarily" resign from the board effective immediately.
Its definitely a "win-win" proposition. Just like with Tenet.
I would vote my shares in favor of this proposal. Telfer is little different than many CEO egotists who play the "mine is bigger than yours" game with someone elses' money. The anemic GG stock appreciation of late, despite the POG run-up, is directly related to the gifting of GG shareholders' cash to Glamis shareholders. Any monkey can do that. The good news is that if the POG continues north, the effect on profitability will swamp the aforementioned gift and GG will rise despite the mismanagement.
I know you did well with Telfer in the past. But that was when he was playing in the minor leagues. We're now in the majors. Like so many before him, Telfer can't hit big league pitching. He doesn't have the skills.
We got a big leaguer at the helm now. McArthur. We don't need to keep bush leaguers on the payroll anymore. At least that's what I hope the major institutions will think when they vote for directors at the annual meeting.
In any event, Telfer is now irrelevant, given the company's new focus on growing by exploration of its existing properties. Whether he stays or goes doesn't matter much to the profitability of the company anymore. I just thought it would be nice to give him a medal for everything he's done. I guess you don't agree. Fine. You're entitled to your opinion.