In response to Talentless going to EGM:
I have been in contact with some gold mining industry professionals.
They agree that this move of the directors is outrageous, and not seen (by them) to date in the industry.
Possibly could be illegal too. Certainly immoral IMO.
The remuneration of Australian directors is generally higher than their OFFSHORE peers, but here the directors are grabbing remuneration vastly higher than their AUSTRALIAN peers. This on the back of very poor performance of the company and previous undertakings that "there are no snouts in the trough" (see Note 1. below)
Talentless, seeing that you will be going to the EGM may I suggest that you call NOW for the "report of the remuneration committee". Apparently the company is obliged to divulge this report to comply with the law.
Further, you can also call for the "report of the independent remuneration consultant".
You will then be in a much better position to take the directors to task at the EGM.
You can ask them to specify exactly which "comparator companies" they intend to base their "long term performance right awards" on, as this is not stated in the EGM notice.
Also you need the formula for the TSR (Total Shareholder Return) without this information they are asking the shareholder to vote blindly. Indeed (as it stands)they could choose the worst performing "comparator" companies and the only have to perform as well as the "46th percentile" of these bad companies, to start getting their fat awards, as ourageous as this may be.
I have voted with my feet (as suggested by bollinger)and am now out of RDR. If I see the names of these directors in any other companies I shall not invest. There are so many opportunities to get gold exposure that one does not need to subject oneself to such outright abuse.
Note
1. recent post by bowery130
"As a long time holder I recall very well that in a Webcast Presentation a few years ago Chris Reed stated: "THERE ARE NO SNOUTS IN THE TROUGH"."
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