Cenovus Executives get a bad rap on this site, but what about the people who are meant to be providing oversight? The Board approved the COP acquisition. The Board approved our disastrous hedging strategy, and the tall new buildings we get to shuffle between. And the Board collects a comfortable salary and benefits for doing next to nothing positive for the company, it would seem. Remember that heartwarming message from good ol' Pat Daniels when he became chair? "Times are tough, everyone needs to make sacrifices, your job isn't safe and don't expect a bonus." Now an ex-SNC Lavalin board audit committee member is the chair of our audit committee. For God's sake... did it seem like he did a great job in overseeing that company...? Good enough for Cenovus though! I wonder if Claude will be roped into the SNC criminal proceedings... maybe then we could get an independent board member that isnt a crook, crony or old boys club drinking buddy.
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Board is absolutely to blame but I think all the leaders should be held to account. The good old Audit Dept – leader slithers in late and slithers out early….disappears all day……….never does any work…blames everyone else……Dept. is run by Deloitte who’s only interest is selling, selling, selling……and cronies of butt kissers, incompetence, BS………if you cycle through workers every few years, no one is there long enough to catch what’s actually going on….... You’d think Big J would be onto him already……and by now he must know the reputation…..but I guess if he keeps the little snake around, there will be someone to blame. SNC CEO just “retired”…….sound familiar....so sad…….the CVE way—survival by flattery and yes men……….
You are absolutely right. The board, like senior management, never accepts or admits blame. The bucks stops somewhere way down the org chart.