The board's choice begins with the conditions attached

An energy board can understand its generating capacity and still misunderstand the financial freedom that capacity provides. Output depends on operating conditions. Revenue depends on when the output arrives and what commercial arrangements apply. Cash may then remain within an entity whose obligations differ from those of the parent. I want those connections to survive the journey into the board paper. A consolidated figure should help directors see the enterprise, not remove the conditions that make its individual assets economically different.

My executive directorship began in February 2020, after becoming CFO in September 2018. I bring financial recommendations to the board while also sharing responsibility for the enterprise as a director. That combination requires care. The quality of my analysis does not entitle me to treat a finance preference as the board's decision. Technical, commercial and legal contributions remain necessary, and fellow directors must be able to question the recommendation without being asked to reconstruct every model behind it. The account should be accessible enough to support collective judgement and precise enough to preserve material limitations.

The solar proposal illustrates why the origin of a number matters. Expected annual production multiplied by an annual market price gave a plausible-looking revenue figure. Examining the generating hours changed the basis and led to a revised contract scenario. The board deferred construction while the financing account was reworked. We did not present the forecast reduction as a loss incurred or the deferred capital as a saving. The governance outcome was a more appropriate condition for the next decision, with the cost of delay and further work still acknowledged.

Distribution decisions require another kind of clarity. In our March 2025 review, the EUR42 million group cash balance included money supporting project reserves and committed capital. The board needed the route from cash location to permitted movement before assessing the shareholder request. We approved a smaller payment after the relevant confirmations and explained the accessible balance retained. That did not make the investors' wish for an earlier return unreasonable. It made the competing uses and conditions visible enough for directors to choose and later revisit the choice on a consistent basis.

I also want board papers to distinguish an expectation from an obligation the company controls. After storm damage, a submitted insurance claim did not provide a reliable date for receiving the full amount. Temporary funding supported the operating response while specialists pursued the claim. Part was later received and part remained disputed. The board could evaluate the funding cost without requiring the cash forecast to settle the merits of the unresolved recovery. This separation protects both the operating response and the integrity of the claim account.

Investment in new capabilities can expose assumptions that were harmless when considered separately. Our battery proposal initially combined two revenue estimates before the same asset's operating constraints had been assessed together. The board authorised defined studies rather than construction. That smaller approval still required scrutiny: what would the studies establish, who would assess the findings and when would the proposal return? Staging expenditure is useful only when the evidence gained can improve the later decision. It should not become an unexamined habit of postponement.

For an external appointment, I would bring these questions through the proper board and committee channels. I would not expect the executive authority I hold at Velrane to travel with me into another enterprise. Independence, conflicts, availability and eligibility would need their own assessment, including relationships with investors, lenders and development counterparties. One current executive directorship is evidence of a particular experience, not a universal qualification for every seat. The contribution I seek is a board account in which ambition can be considered alongside the physical, contractual and funding conditions that determine whether it is achievable.