That is one of the provisions of the BBX to come into effect later this year ie independent directors. It should be very interesting to see how many companies currently trading on the OTC BB opt not to have independent directors or shareholders' meetings & get relegated to the pinks where they MAY never have to file another SEC form again.
Considering when the solicitation for proxy vote for the board of directors was held, three of the six board of directors up for reelection also served at a managerial capacity - your concern is warranted.
I am rather astounded that there were no negative votes for any of the the board of directors seeking reelection in light of the company's abysmal performance over the past year and years prior.
If I were a shareholder of the corporation, I would petition for a recount of the votes, to be conducted, or supervised, by an independent party.
In light of the company's poor execution, I find it rather amazing that over the course of the last two votes for the BOD, there have been no negative votes submitted.
It is especially amazing when taking into consideration there are no benefical owners of the company (owning 5% or greater of the outstanding stock) and insiders control approximately 2% of the outstanding shares.
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