With the annual meeting season almost over and the lights dimming on the calendar year, there must be at least a few directors in a reflective mood on the corporate year past and decisions taken that, had things played out differently, might have made for a very different 2011.

At Perpetua l, chairman Peter Scott might be contemplating the financial services group’s $20.70 share price at the end of the last week compared with private equity firm Kohlberg Kravis Roberts & Co’s $1.75 billion proposal just over a year ago valuing the stock at between $38 and $40.