NEL chairman Ingrid Lashley retires

NATIONAL Enterprises Ltd (NEL) chairman Ingrid Lashley announced her retirement from the board after nine years of service, along with two other NEL board members, at the state-affiliated company’s annual general meeting on September 5.

The other two board members are Ross Alexander, who represented labour interests, on the board and Nicole De Freitas, a former banker and IT specialist.

However, when shareholders asked frankly whether she was being forced out by corporation sole, she assured that it was simply time for her to move on.

Shareholder Edward Simon asked: “You spoke about the new board, but what I would like to find out directly – and I am going to be blunt – as the present chairman, did you receive any correspondence from corporation sole, telling you to leave, or is it on your own accord?”

She said she and the other two directors were coming up for rotation of board members at the next annual meeting.

“We thought it would be in June,” she explained.

“In planning for that meeting after the year end and the publication of the financials of NEL, the three of us indicated to the sitting minister at the time, Vishnu Dhanpaul, that we were not available for re-election.”

Responding to questions from shareholders why there wasn’t an agenda for electing a new chairman, Lashley explained that September 5 was the last day the company could have held its AGM, according to the companies act.

“We must hold the meeting within 15 months of the previous meeting which was held on June 6 2024.

“Going forward we will have six directors remaining on the board, which for our purposes under our by-laws would represent a quorum (the minimum number of members that must be present for the proceedings of any meetings to be valid). The company continues to have a quorum and therefore the board can continue to hold its meetings.”

She said once the Corporation Sole – the Ministry of Finance – is received, the board will have a special board meeting to elect the new directors.

“This is the process prescribed by the Companies Act,” she assured.

After the AGM, Lashley explained that Alexander was already past the age of retirement for board members – which was 70 – and De Freitas left to seek the interests of her own private company.

Newsday asked about the concerns raised by shareholders. She said while their concerns were legitimate, she lauded the minister saying that they had a close and positive relationship.

“I think from what we have read across the press and social media, it would be naive not to consider that it could have been an option,” she said.

“But to the credit of the minister, we have been liaising from the Monday after his appointment, very closely. We have made recommendations as to how the process should go and what our options are for changes, and he has given us an audience and supported some of our recommendations.

“We have had no issues,” she said. “There was no controversy.”

She noted that Corporation Sole would have to wait 21 days after he picks nominees for the NEL board, to give notice of a shareholders’ meeting to elect the nominated board members.

NEL reported a net loss of $348.7 million for the financial year ending September 30, 2024 which was a 23 per cent improvement compared to the same period the year before.

In the general manager’s statement in NEL’s annual report, Charles Maynard said unrealised fair value losses of $539.4 million in its energy portfolio was offset by gains of $106.4 million in the non-energy portfolio.

“Prudent cash management has resulted in a sound cash balance of $29.4 million at the close of the financial year,” Maynard said. “Our non-strategic portfolio, currently valued at $405.7 million is strategically managed to ensure adequate liquidity for dividend payments and optimise yields.”

At the AGM, shareholders agreed to a dividend of 11 cents per share, due to be paid on September 29.