"The fund managers who own Qantas (on behalf of the unit holders) could very easily co-operate and facilitate an extraordinary meeting to remove the board. With everyone blaming the board and their insane myopic support of the management, the real question is why are the fund managers silent? The litany of failure, of corporate mis-judgement and of board dereliction are now well and truly on the record for all to see."
They are silent because they agree with the Qantas board and the strategy they have implemented and it suits them to do so.
The fund managers have had THEIR meetings with their boards and have concluded that their interests are best served by allowing this debacle to continue.
I think they believe that this is an extraordinary opportunity to make some pretty decent gains from all this.
The buying and re-positioning has already begun.