One Rangers Director Resigns … And Then There Were Four

This morning’s news from Ibrox, announced to the Stock Exchange, is that Ian Hart has resigned as a Director of Rangers International Football Club PLC.

The press release reads:-

The Company today announces that Ian Hart, Non-Executive Director, has resigned from the board in order to pursue the charitable work in which he is involved more actively.

Craig Mather, Chief Executive Officer, commented: “it is with sadness that we see Ian depart from the board and we would like to thank him for his valuable contribution over the past year. Ian remains a huge fan of the Club and we wish him the best of success in future.”

I won’t bother about the semantics of why the announcement refers to “the Company” and not “the Club”. After all this statement is actually legally correct.

It does however leave the Board rather light on personnel.

This, remember, is a PLC. It is quoted on the AIM. It is obliged to follow certain rules of good corporate governance.

These include matters like having a suitably experienced non-executive Chairman to protect the interests of the company and its investors, and an appropriate number of non-executive directors to work alongside the Chairman in overseeing the work of the executives.

All of this is designed to ensure that the executives do not, for example, treat a company as their own private piggy bank and award themselves ridiculous salaries. (This is a general comment and there is no suggestion that such matters have occurred within RIFC PLC.)

What does RIFC PLC have as its Board now, only two weeks before its AGM?

There are 2 executives – Messrs Mather and Stockbridge.

There are 2 non-executive directors – Messrs Easdale and Smart.

There is no Chairman and indeed since the resignation of Malcolm Murray there has not been a Chairman who has the recommended qualifications for non-executive Chairman of a PLC. (Walter Smith, for all of his many and undoubted talents, was not qualified, in my opinion, to be a PLC Chairman).

It is essential that new blood be added to the Rangers Board. However the Board do not want to take up the kind offers of Paul Murray and the Rangers Rebels to join. The longer the Board runs under-strength, the greater the possibility that someone will have a quiet word to get the problem fixed.

One also suspects that the newly appointed NOMAD (the third within less than 12 months) will be politely urging their clients to fill the gaps as soon as possible.

As has been the case for the last two years, the story just rolls on and on!

Posted by Paul McConville

 

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662 Comments

Filed under Corporate Governance, Rangers

662 responses to “One Rangers Director Resigns … And Then There Were Four

  1. timtim

    McCoist package-we’ve almost got it signed off
    why the delay?
    surely Ally doesnt need time to read it

    • Ed Paisley

      Timtim
      Ha ha ha – very funny. And very true – the man who loves Rangers so much he doesn’t read his contracts, is suddenly playing hardball with Stockbridge. Ally is a two-faced git.

  2. See Davie Weir continuing the tradition of Orcs being found wanting in anything football related outside of their tiny wee West of Scotland / Ulster cesspit of bigotry.
    The wider football community showcases the incompetence of the likes of Walter Myth,Sally Sunderland and Molly Weir.
    Hail Hail …..great to be a Tim.
    Rainjurzzzzzz are Deed…….Deed…..Deed….show us the deeds.

  3. Monti

    Have the creditors been paid yet?

  4. Monti

    @Cam
    Steven Naismith was quoted saying he accepted a 75% wage cut to help the “original Rangers”, what did he mean by “original Rangers” Cam?

    I know, we know………do you?

  5. JimBhoy

    Mr Regan would you have any problem with Mr David Cunningham King joining the rangers board as chairman?

    http://www.killsometime.com/videos/7628/Cat-Saying-No-No-No-No

    pussy!

  6. JimBhoy

    Repost…All over the place on here..

    Mr Regan would you have any problem with Mr David Cunningham King joining the rangers board as chairman?

    http://www.killsometime.com/videos/7628/Cat-Saying-No-No-No-No

    pussy!

  7. hector

    Not sure where this post will end up but congratulations to Edinburgh on beating Munster in the Heineken Cup.To those of you not followers of the oval ball game its a bit like Scotland beating Brazil in the world cup.Glasgow play tomorrow ,a Scottish double about as rare as sevco paying the taxman.

  8. JimBhoy

    Posting on this site is becoming frustrating, posts all over the place it’s as random as Niall’s rangers financial predictions..

  9. Monti

    Surely there must be a the the rangers fan out there who will come forward & admit that the the rangers are a new club?
    Surely?

  10. JimBhoy

    Trying posting with chrome… Testing testing..one two five

  11. JimBhoy

    BS – Green’s package was decided by the Remuneration Committee. I sacked Imran for gross misconduct, he received no compensation.
    DR – I thought Green had resigned?
    CM – it was a compromise agreement to protect the club. Employees have rights they can exercise.
    BS – The Remuneration Committee contains no executives – it contained Malcolm Murray, Phil Cartmell and Ian Hart.

    —The committee that never met..!!!!!
    — BS sacked IAmRangers, is BS short for BullShit…

  12. Fra

    Niall, I don’t know how you quantify your statement of ‘the vast majority of Scots are not that interested in rangers?

    You could be perfectly correct but the vast word insinuates to me that hardly anybody gives a toss apart from us and our ilk.

    Where is this VAST majority because everybody I know has a keen interest in sevco and what happens to them.

    • Niall Walker

      Fra,

      Half the population are woman, most male football supporters don’t even go to games and are half hearted armchair fans, I know of no one who discusses Rangers on a daily basis, it has to be something significant.
      I would estimate a few hundred thousand are interested in Rangers, out of 5 million, even if it was 500,000 that is still only 10% of the population.

      In my opinion and I may indeed be wrong the only people really interested in the Rangers situation must be avid football fans, and unfortunately football attendances in Scotland demonstrate there are not that many.

  13. Kerrygirl

    Glasgow ringers

  14. Monti

    @Cam
    No ‘ DUCKING ‘ the question now, why would a rangers fan & ex-player, Steven Naismith, describe rangers as the ‘ original’ rangers?
    Come on Cam we are all waiting?you can whisper it if you like 🙂

  15. timtim

    McCoist close to signing contract on reduced wage!
    why the delay Ally?
    surely you dont need time to read the smallprint

  16. We’re looking at reducing the historic level of professional costs

    We don’t want to dwell too much on the historical numbers,

    I’m only interested in the future, not past event
    ++++++++++++++++++++++++++++++++++

    so no more looking back,

    well,other than to bring in former members of the board that played their part in all that HISTORICAL stuff that the the fans have to forget and not look back on,
    CM said
    “I want Dave King on board for his historic knowledge of how the club works”

    THAT CLUB WORKED IT’S WAY INTO LIQUIDATION,
    what did dodgey Dave do to prevent that happening,

    .

  17. CM
    “I have successfully bought businesses out of administration before – I know what I am doing”

    Got to wonder why he’s at Sevco,
    Rangers are not,ever, ever, no not ever, coming out of Administration,
    Sevco and it’s football club THE Rangers, well,they are a start up company
    No CVA, no exit from administration,should he not know that ?

  18. JimBhoy
    October 12, 2013 at 4:49 pm

    @Niall The “unaffordable item…………………………………..
    ============================================

    would there be any finacial advantage to Mr De Boar if Celtic offered the player £20,000
    and RFC 1872 offered him only £19,000, with the rider,contained in a secret side letter that £10,000 of the £19,000 would be a tax free non repayable “loan”

  19. JimBhoy

    @Cam personally I don’t think he is the answer mate but something needs to change or your team will go down the swannie again.. My opinion of course..

  20. BS – with hindsight I should have been rewarded for financial performance not football basis.

    how much would he have got on the losses posted ?

  21. GL – termination payments appear very generous – for example Charles Green.
    BS – Green’s package was decided by the Remuneration Committee. I sacked Imran for gross misconduct, he received no compensation.
    DR – I thought Green had resigned?
    CM – it was a compromise agreement to protect the club. Employees have rights they can exercise.

    Green
    Employee resigns,
    what rights does he have,
    he MUST have negotiated his pay off before he resigned,

    Ahmed
    Employees have rights they can exercise.
    What unless your names Ahmed

  22. pre-IPO research note issued by the broker Cenkos predicted a £1m loss compared with a £14m actual loss. Half-year forecast predicted a £7m loss.
    ======================================

    so the loss was predicted at £1m, it then jumped to £7m, it ended up at £14m,
    so relax they are back to predicting a £1m again, this time thats how much will be left out of about £60m.

    I would reckon there’s more chance of me having a £1m in my account come April than these mugs getting a financial prediction correct.

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