A strong board requires a mix of expertise from different industries. Much to its detriment over the past few years, the Hughes Drilling board is exclusively comprised of veterans from the drill and blast industry.
Unlike most listed companies, there are no lawyers, bankers or accountants on the Hughes board. And with Queensland rugby league legend, Gary Belcher, retiring from the board in April, the sole pillar of diversity fell.
Yesterday, the company announced the retirement of two directors, including founder Bob Hughes, and the appointment of a new executive director, Douglas Grewar. Grewar has an “unbridled passion” for open cut mining and the company’s announcement spent four paragraphs attesting to this. However, we were pleased by the last sentence of his four paragraph bio. It appears he has more than one string in his bow.
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Forager Funds is a boutique fund manager specialising in a value investing approach. We offer an ASX listed Australian Shares Fund as well as an International Shares Fund both aimed at delivering returns for long term investors.