Thursday 21st December, 2000
An Extraordinary General Meeting held today followed an approach by Seve Ballesteros, Nick Faldo, Bernhard Langer and José Maria Olazábal to the European Tour Board of Directors requesting permission to send their legal and financial representatives to examine all the Tour’s books and records for the last five years and report to them.
The Board responded by requesting a meeting with the players, or their representatives, to discuss the areas for investigation. This request was repeated, but the representatives of each of the four players chose today’s route to discuss the way forward. They did not choose to agree the terms of reference and parameters of investigation.
Therefore the Board put forward its own resolution:
1. The report be made available to all Members (not just four).
2. The report does not disclose confidential information that would lead to the Tour breaching its contracts with others and ensure good business practices were followed.
The meeting discussed the resolutions. There was general accord that the statutory accounts did not give enough clarity and that a further report providing the necessary clarity be provided.
The Board confirmed that each and every year since the Company’s formation in 1984 that the audited accounts have been presented to the membership at the AGM and adopted by the Members.