[IliketoPuck]

I'm only halfway through so far. But this is a pretty damning indictment on the governance structure of a $1.3Bn organization.

Update:

Having finished the report, I'm really surprised that the governance structure is as loose as indicated. This is clearly an inherited problem, but an extremely concerning one, and I'm really disconcerted that such a serious gap has been allowed to exist for so long in one of the largest boards in the country.

So while it isn't something that the current trustees necessarily created, it is certainly something that they are responsible for improving upon, and at a minimum, not exacerbating. It appears that the focus of the trustees when confronted with potential issues was not to tackle them and improve, but instead to become almost tribal in their defense of the kingdom.

Lack of sophisticated financial budgeting and board infighting in the midst of an economic shock....the CBE was swimming without shorts when the tide went out.