Tag Archives: Corporate Governance

Quick! Get the CVs in to Ibrox for CEO and Communications Director Jobs!

And so James Traynor sails off into the sunset…

As reported on the official Rangers website:-

RANGERS today announce that Director of Communications James Traynor has left the Club.

I was expecting a wee bit more actually. Why did Mr Traynor, well-respected wordsmith and, to coin a phrase, true “master of the inky trades” not get the chance to share a few words with the supporters of his now former employers?

After all Craig Mather (remember him?) got 445 words, most of which were quotes from him, on the occasion of his departure.

But Mr Traynor gets a dozen.

Mr Traynor in happier times with a man now being airbrushed from Ibrox history

Mr Traynor in happier times with a man now being airbrushed from Ibrox history

I suspect that the excellent lawyers for Rangers (in its various manifestations) have been very busy over the last few days with a document which will run to rather more than twelve words, in the form of a “Settlement Agreement” detailing the basis upon which Mr Traynor has surrendered the club tie and “walked away”.

One would expect that the Chief Executive would want to ensure that “what happens in Ibrox stays in Ibrox” and that suitable confidentiality clauses are included binding Mr Traynor not to spill the beans on what he has experienced within the hallowed portals.

And, as one of Scotland’s finest sports journalists over many years, Mr Traynor would be more than capable of shedding light on the machinations and manoeuvrings of the various characters in this saga. That suggests therefore that, to ensure he keeps quiet, there would be some additional recognition of this in his severance package. If not, I suspect Mr Traynor has a best-seller almost ready to hit the shelves!

Will he seek to return to the Record or the Herald or to the BBC? How likely is he to be welcomed back after he has been critical of almost every media organ in his time at Rangers, and he made it clear he was finished with football reporting, having been far happier to turn gamekeeper. We shall see…

I suspect he might be singing the following song, made famous by Johnny Paycheck, as he leaves the “Blue Room” behind for the last time.

Will Rangers replace Mr Traynor? Will the mantle of media overlord pass to Jack Irvine and Media House?

Whatever happened to the statement about Media House which was disclosed to the Rangers fan groups by Messrs Mather and Stockbridge and was imminently due for public release?

I mentioned above that the Chief Executive would want to ensure that the terms of departure were properly regulated.

However, and even more bizarrely, Rangers International Football Club PLC does not have a Chief Executive.

It does not even have an interim or acting CEO (at least according to official announcements I have seen).

When Mr Green departed, Mr Mather took over as acting CEO almost straight away. It then turned out that, after an extensive process scouring the football and business worlds for the best possible person to get the job full-time, he was actually sitting in the CEO’s office already! How lucky Rangers were for that to happen!

And so this week saw the Financial Times carry an advert for applications for the role.

As STV.com reported:-

The advert for the post stated the role has a “wide and varied remit” and requires a “candidate of exceptional quality and experience who is comfortable in a high profile environment.”

It also listed several key responsibilities, including leading and developing the “strategy” of the business, developing and overseeing Rangers International’s commercial activity and liaising with the club’s supporters, the football authorities and shareholders.

The advert states the salary for the role is “negotiable + benefits”. Mr Green earned almost £1m for his ten months as Rangers International chief executive, which included a 100% bonus on his £360,000 annual salary for winning the Scottish Third Division.

Rangers state in the CEO advert that they are looking for an “exceptional business leader in sport with a commercial approach and the ability to innovate” and “proven track record of success within sport”.

The Ibrox club are also seeking an “outstanding motivator who can maximise the talent and potential of employees and drive the club back to pinnacle of Scottish and international sport” as well as a candidate with “strong interpersonal skills”.

So it is time I think to blow the dust off the CV and to fire it in – after all, if I am appointed to be the CEO of Rangers, then I will probably have to stop blogging about them – and that might be the way to silence me!

Or else I might agree to the Director of Communications job – if that involves writing the posts on the website, then I am already up to speed with that!

But on a serious note, then how on earth can RIFC PLC still be seen as operating in an appropriate manner under AIM/Stock Exchange rules?

The company has:-

  • NO CHAIRMAN
  • ONE EXECUTIVE DIRECTOR
  • ONE NON-EXECUTIVE DIRECTOR
  • NO ONE ON THE REMUNERATION COMMITTEE
  •  NO ONE ON THE AUDIT COMMITTEE
  •  NO ONE ON THE NOMINATION COMMITTEE
  • NO CHIEF EXECUTIVE
  • NO ACTING CHIEF EXECUTIVE
  • NO SIGN OF THE RE-ARRANGED AGM
Rangers Board Members and Executives gather for a series of meetings

Rangers Board Members and Executives gather for a series of meetings

(To be fair the Committee issue was addressed on Thursday when the website was updated to read as follows:-

In accordance with best practice, the Company has established audit, nomination and remuneration committees, with written terms of reference for each that deal with their respective authorities and duties. The full terms of reference of all the committees are available from the company secretary or can be located here.

Audit Committee
New audit committee members including a chairman will be decided once the board of RIFC has been strengthened by the appointment of new directors, as set out in the announcement of 16 October.

Nomination Committee
New nomination committee members including a chairman will be decided once the board of RIFC has been strengthened by the appointment of new directors, as set out in the announcement of 16 October.

Remuneration Committee
New remumeration (sic) committee members including a chairman will be decided once the board of RIFC has been strengthened by the appointment of new directors, as set out in the announcement of 16 October.

Updated: 31/10/2013

The primary decision on the continued presence of RIFC PLC as a traded stock rests on the Nominated Adviser. The lucky man within Daniel Stewart who has the job of handling this is Paul Shackleton. He last week described the situation as “a minefield”.

When the person responsible for ensuring that the required standards which must be complied with to allow a company to be traded publicly is calling the situation “a minefield” how much longer can the shares be open to trade without a suspension of dealing?

Maybe someone can ask Mr Shackleton how he is doing getting through the minefield!

Posted by Paul McConville

Advertisements

418 Comments

Filed under Corporate Governance, Rangers

Walter Smith, Rangers and “Dignified Silence”

Rangers CEO Craig Mather talked a few short weeks ago about the need for “stability”. I suspect that moves to oust him and two other directors, coupled with public criticism by senior employees of other senior employees, and over the weekend various articles in the media suggesting concern re the company’s finances were not what he classed as “stability”.

Indeed his comment has the potential to be up there in the ranks of ill-timed statements alongside that of General George Sedgwick who, at the Battle of Spotsylvania in the US Civil War’ disparaged the enemy snipers with the words “They couldn’t hit an elephant at this dist…”

But the focus for this jotting is on the Chairman, Walter Smith. Continue reading

184 Comments

Filed under Charles Green, Rangers

So Farewell Then Malcolm Murray – Did His Parting Shot Reveal Omission in Rangers Share Prospectus?

Rangers International Football Club PLC announced on 9th July that former Chairman Malcolm Murray and Phil Cartmell were both leaving the Board.

The announcement read:-

The Board of Rangers International Football Club plc has announced non-executive directors Malcolm Murray and Phil Cartmell have left the board.

Walter Smith, Chairman of Rangers, said: “Both Malcolm and Phil have made important and valuable contributions to the Club. The last year has presented the Club with a number of challenges and it has been beneficial to have two highly experienced non-executive directors such as Malcolm and Phil offering assistance.

“On behalf of the board I would like to thank them for their considerable efforts in helping to rebuild Rangers. Both men have other significant business interests and we wish them well in their future endeavours.”

Bearing in mind the disagreements at which Mr Murray was rumoured to be at the centre, the above was a respectful statement. All seemed sweetness and light.

And then Mr Murray decided to speak his mind in an open letter to the fans… Continue reading

67 Comments

Filed under Charles Green, Companies Act 2006, Rangers

Mr Ahmad Leaves the Rangers Stage – Does This Leave Only One Director of the Rangers Football Club Ltd?

According to the BBC, Rangers have confirmed that Imran Ahmad, the Commercial Director and close ally of Charles Green, has left the club.

IA1

Of course, as a listed company, and as Mr Ahmad is a “key employee” (as described in the Prospectus, RIFC PLC needs to be careful about how it publicises the information, lest it be accused of releasing market-sensitive information inappropriately.

Mr Ahmad was of course not on the PLC Board, but he was on the Board of the Rangers Football Club Ltd. Continue reading

205 Comments

Filed under Rangers

Rangers Announce to Stock Exchange Contact for Further Info Re Report Into Mr Green is Mr Green!

This morning saw, as is required, release of a statement by Rangers to the London Stock Exchange regarding the independent investigation into the actions of its Chief executive, Charles Green.

The statement can be read in full on the LSE site here.

The relevant text in the announcement read as follows:-

Rangers International Football Club plc

(“Rangers”, the “Company” or the “Club”)

Response to Media Comments

The Company announces that it is commissioning an independent examination and report into matters raised in the media over recent days relating to allegations made by Craig Whyte, the previous owner of Rangers Football Club, concerning the Company’s Chief Executive, Charles Green and the Company’s Commercial Director, Imran Ahmad. Mr Green and Mr Ahmad strenuously deny any wrongdoing and lawyers have been instructed by the Company to address these allegations. However, the Directors believe that the review will help to ensure a swift conclusion to this issue. A further announcement will be made in due course. Continue reading

304 Comments

Filed under Charles Green, Corporate Governance, Rangers