increase in director remuneration - red flag, page-93

In 2009 the directors fees were $500000

How can an increase in fees to $1250000 in three years be moraly or ethicly justified

And paying an outside firm $345975 to rubber stamp it is is an insult to shareholders

Remuneration committees have in recent years been used by management to take an ever-increasing and unjustified share of company profits,at the expense of workers and shareholders

Or in the case of LYC shareholders funds

They say that they are only getting comparable remuneration as their peers in similiar companies

But it is a case of "scratch my back and I will scratch yours"

That is why management remuneration has exploded over recent years

Shareholders and workers have had it hard since the GFC

Yet management behave as if it never happened

Vote NO for resolution 1 and 5