I attended the Corporate Travel AGM last week.

It was a shareholder friendly meeting with all questions asked and answered in the room, with Directors speaking to their elections and staying around after the meeting to chat with shareholders.

There was some tough questions about capital allocation decisions over the past 5 years and the lack of return on some of the acquisitions and tech spend. Management noted them and reaffirmed they believe they have the system in place now to double earnings over the next 5 years...time will tell on that one...

Given Jamie is a strong and entrepreneurial founder (which poses some risk as we have seen elsewhere recently), he and the Board were asked what they were doing to assess culture, ensure they were getting the full story and improve staff engagement.

Whilst there was nothing wrong with the answers given, they didn't convince me that these issues were being addressed or overseen as well as one might like.

So, I came away comfortable with my decision to exit recently. Not because I doubt Jamie's commitment to growing earnings that should see a significant improvement in the share price as a result. Simply due to concerns the current Board is not adding enough value or possibly oversight and also the mediocre numbers being seen for staff engagement and customer satisfaction.

I could be wrong but these are risks I am happy to avoid for now.