Robert M. Clinger III
JNC Shipping Corporation is a multinational shipping firm that operates oil tankers in the North Sea, from Venezuela to the United States, and LNG tankers in the Pacific. The executive management team is comprised primarily of members of the Cloninger family. In addition, the Board is controlled by members of the Cloninger family who share the same views on how the Company should be managed.
Though there are a few independent directors, they are closely aligned with the controlling members of the Cloninger family and support the executive management of the Company. The Board asks few questions of the executive management team which has delivered steady earnings growth over the last several years. As a result, several members of the executive management team along with members of the Board have been allowing their personal expenses and those of a few “select” shareholders to be paid by the Company. This practice has become rife in the last several years, serving to depress the full earnings potential of the Company.