Editorial: Never too late

POSTED: 09/6/12 12:43 PM

Two members of the Harbor Holding supervisory board have rightfully dug in their heels and they are not giving up their seats without a fight. In a letter to the Council of Ministers Kelvin Bloyden and Miguel Alexander have explained their reasons for staying put.
If one thing becomes obvious from this letter it is this: Minister Pantophlet is violating the Corporate Governance Code with, as the writers point out, his drive to appoint younger board members for the sake of appointing younger board members.
This makes the government look bad and it also creates insecurity among investors. This story could go either way: if the minister sticks to his guns there will be an ugly court case. That will cost a lot of energy better spent elsewhere. It is never too late to change course, though this requires that the minister admits he made a mistake with his demand that all board members step aside.

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