Ann: The Annual General Meeting, page-44

Any response to your email? Thought it pretty gobsmacking that you were effectively name checked in the commentary around NEDs and voting against giving them latitude to pay up for a quality female representative. If they think the current board is the mutts proverbial without needing the new package why do they suddenly need it to get a woman on board? Also so arrogant that they expect a raft of bloated remuneration to be ignored to acheive small changes to NED recruitment.

I'd say GR is at incredible risk of this all backfiring and hardening shareholder resolve against moves to radically improve his pay - he needs to ask for less or explain his near seven figure value to the company, and how he can possibly generate it when he has so much else on his plate. Surely this behaviour isn't attractive to would be HNW or institutional support coming into the register - they'll fear being gouged next time around too.

Have to say the commentary has me enormously disappointed and doubting GR's value even more - though I wasn't there to hear what was said in his defence at the AGM. Any chance the rest of the board could end up moving against him to preserve themselves? The resolutions would have sailed through if his remuneration hadn't been so obviously out of step.

Of course this will all be a storm in a teacup if/when the business numbers finally generate some traction on the SP front.