As we’ve reported the Annual General Meeting is coming up at
the end of April where – by tradition – the Citrus Growers Association
will recommend a new slate of directors. That slate will surely not include
Mike Dunker and Frank Redmond – but will it include Henry Canton. The
Banks Holdings Directors said that it must because it is in his contract. But
according to Woods – there is a useful role for Canton as CEO of the Citrus
Company even if he is not a director on the board.
Chuck Woods,
“The CEO will attend every board meeting, he will continue to influence
the Board’s decisions as a good CEO would, and it should not interrupt
the day to day activity, the governance and management that a board does, the
oversight. I am saying the legal case between the CEO with his employment contract
with CPBL, while that is going on, the board could still continue to function.
I see no reason why it cannot.”
And to hear the CGA tell it, while Canton may have a constructive place
as CEO – the only way to realistically move forward is to accept that
he won’t be on the board and let the shareholders discuss their affairs
going forward.
Henry Anderson,
“What we are saying to Banks Holdings is understand who your partner
is. Your partner is not the CEO of CPBL, your partner is the investment company
limited and as Mr. Woods is saying allow your partner to have your people in
there, let’s start working.”
Chuck Woods,
“It needs to be resolved. I want it resolved. CGA wants it resolved,
the growers want it resolved.”
Woods says they are not inclined to go to arbitration because they
are still confident things can be worked out otherwise.
Email
Print