By 10:45 a.m., the meeting had become something entirely different from what Richard Whitmore had expected.
The board members were no longer discussing a potential investment.
They were reviewing evidence of possible misconduct, questioning the chairman's handling of internal complaints, and considering whether Sterling International's leadership structure had become compromised.
Richard could feel control slipping away.
He looked toward Margaret Ellis.
"Margaret, you've been on this board for eighteen years. You know how these things work. We don't destroy a company's reputation because of a few accounting irregularities."
Margaret folded her arms.
"These are not a few irregularities."
"You haven't seen the complete explanation."
"Then give us one."
Richard opened his mouth.
Nothing came out.
Collins tried to intervene.
"We should postpone this meeting until the legal department has reviewed all the documents."
Victoria nodded.
"That is reasonable for the detailed findings."
She turned toward Daniel.
"However, postponing the meeting does not suspend the company's obligations to preserve relevant records."
Daniel agreed.
"That's correct."
"Nor does it prevent the board from considering temporary safeguards."
Richard's expression tightened.
"What safeguards?"
Victoria removed a one-page proposal.
"An immediate freeze on discretionary payments to the identified intermediary companies, preservation of electronic financial records, and an independent review of all contracts involving the named entities."
Collins shook his head.
"That would disrupt ongoing operations."
"Then the company should have no difficulty demonstrating that those operations are legitimate."
"You're asking us to freeze millions of dollars."
"I'm asking the board to protect company assets while the facts are established."
Richard stood again.
"You are not going to turn this company into your personal experiment."
Victoria looked up.
"I have not asked to run the company."
"Then what do you want?"
"Accountability."
The word hung in the air.
Richard laughed.
"Accountability? You walk into this room and accuse people without giving them an opportunity to defend themselves."
Victoria glanced at Peter.
"Mr. Lang has already spent eleven months trying to be heard."
Then she looked at Collins.
"The finance department raised concerns."
She turned toward Richard.
"The investment agreement provided a formal review mechanism."
Finally, she looked at the board.
"Every one of these concerns could have been addressed privately and professionally if the company's leadership had responded appropriately."
Margaret slowly raised her hand.
"I would like to make a motion."
Richard turned sharply.
"What?"
"I move that the board authorize an independent forensic audit and temporarily suspend all discretionary transactions involving the identified intermediary companies."
Collins immediately objected.
"I oppose that."
Thomas Reed raised his hand.
"I support the motion."
Another director followed.
Then another.
Richard watched as the votes began to accumulate.
He turned toward Daniel.
"Can they do that?"
Daniel checked the bylaws.
"If the required quorum and voting threshold are met, yes."
Richard looked around the room.
"You people have lost your minds."
Margaret's expression remained firm.
"No, Richard. We're finally reading the documents."
The motion passed.
Six votes in favor.
Three against.
Two abstentions.
The chairman's hands tightened around the edge of the table.
Victoria remained silent.
She had not expected the board to resolve everything in a single meeting. She knew that corporate investigations took time, that evidence had to be verified, and that any decision affecting individual officers needed proper legal procedures.
But the first important step had been taken.
Sterling's board had finally agreed to investigate itself.
Collins leaned toward Richard and whispered something.
Richard listened, then looked toward Victoria.
"You think you've won."
Victoria closed her portfolio.
"No."
She looked at him with quiet determination.
"I think the company has finally started asking the right questions."
Then she stood.
"Before we adjourn, there is one additional matter."
Richard frowned.
"What now?"
Victoria removed a final document from the portfolio.
It was different from the others.
A thick black border surrounded the first page. The top carried the letterhead of a major international law firm.
Margaret leaned forward.
"What is that?"
Victoria placed it in the center of the table.
"An emergency notice concerning the company's leadership and its largest outstanding acquisition."
Richard looked at the title.
His face drained of color.
Because he recognized the transaction.
It was the acquisition that had made Sterling International famous.
It was also the deal that had consumed nearly $600 million in company capital.
And Victoria's legal team was questioning whether it had ever been properly authorized.