A tale of steal, beg, borrow?

Ford Greene Q&A PNB 20171102
an 'Indigopirate' summary

Sam Agarwal, CFO, asks as to individual board members’ fiduciary responsibility. Greene replies: You must be open, honest, must do your best, and must do what’s best for the organization as a whole while respecting the rights of persons in the minority point of view.

The long range issue, as Greene sees it, is to come up with a long term financial plan and debt repayment plan, and not to panic and lose sight of what’s best for Pacifica in the long haul, the immediate concern being the $8m in debt which comes due in the next six months.

If the finances are not addressed adequately, Pacifica will not be around.

More questions follow as to board member personal fiduciary responsibility, in part asking if the standards aren’t lower and more flexible for nonprofit boards.

Greene replies the standards are essentially the same.

Greene is asked under whose authority he filed notice of appeal with respect to board membership questions as to Sharon Brown and Mansoor Sabbagh. His reply is that he did so under the instruction of iED Bill Crosier.

Question is posed as to repercussions of a director failing to fulfill their fiduciary responsibility. Greene replies that in most cases  it would be civil, and in some cases criminal with a maximum sentence of six months and fine of $1,000.

A further question is posed as to Greene’s authority to file appeal re Sharon Brown. Greene replies that ethically he is required to take his ‘marching orders’ from the iED, as he is required to represent the organization as directed by the organization highest officer.

A questioner states that they have been advised to evaluate Pacifica’s financial situation and assets as a whole in order to devise a plan to move forward. She complains that her perception is that Greene has favored one particular path forward rather than everyone engaging in a discussion, and that she considers this threatening. Greene says that that was not his intent.

Greene emphasizes the vital importance of assessing the status of all five stations as a whole, as well as debt obligations, and that there ought be a clear, explicit, long range plan.

Question is then posed challenging Greene’s advisory role, arguing that Greene is stepping out of his role as counselor. Greene’s reply is that it isn’t his place to say a particular path might be a violation of fiduciary responsibility and that he’s tried to stay short of advising any particular course of action. 

At this point the open session is concluded, and proceedings move to Closed Session.

~ ‘indigopirate’

An October 26 PNB meeting excerpt.