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Ann: Full Year Statutory Accounts 2017, page-25

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choco56

19 Posts.

30/09/17

06:18

Post #: 27566601
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Originally posted by growler1969 ↑

Wow! What a year!

We had Chris Wood being disgusted with SH's whilst getting a 50% pay-rise on, imo, an inflated salary upon his demotion from CEO to CTO. USD270k buys a lot a loyalty to the Executive Chairman, right Chris?

We had Athan Lekkas blaming anything and everything for the SP capitulation apart from his decision making. I say his decision making because we had Marty laud Athan in the MD Q&A for the CN. Meanwhile, Athan's former RYG and current FGF colleague, Michael Clarke resigns as a Director and then dumps his T20 holding.

But can it get any worse? Sure! Let's look at the remuneration report. It is a disgrace, imo, and I will surely not be Robinson Crusoe in this regards.

We had an Executive Chairman, which in itself contravenes ASX Corporate Governance recommendations on the separation of these duties, who is Chairman of the Remuneration Committee. The Remuneration Committee didn't meet. But what would be the point when Athan is the sole person on the committee.

So how about that Remuneration Report?
"The development of remuneration policies and structure are considered in relation to the effect on Group performance and shareholder wealth. They are designed by the Board to align Director and Executive behaviour with improving Group performance and ultimately shareholder wealth.

The Board considers at this stage in the Group’s development, that share price growth itself is an adequate measure of total shareholder return."

Nice words. But what was the reality?
The SP went from 6.7c to 1.7c [post consolidation] during FY2017.

Page 14, shows a comparison between 2016 and 2017 remuneration. Some low-lights include:
Athan going from under $80k to $642k;
Chris going from $125k to $424k
John Shultz going from under $77k to $250k. He seems to be the less remunerated out of the 2 founders by a long shot. But John makes up for it with a related party transaction of $192k.

Key Questions:
1. Does there seem to be a slight mismatch in the Remuneration Policy and the actual remuneration?
2. How is it John has a Service Agreement as an Executive of XPE but can still charge for additional services on the side?

Imho, this BoD has failed in its fiduciary duties.

Expand

I agree with you growler69. Excellent summary.
Btw...I believe all the directors and execs are on Consultancy agreements and NOT employee contracts and code of conduct. Hence the opportunity for "moonlighting" to secure additional personal income to the demise of Xped.
Further, I am also intrigued to learn why ex CEO John Stephancc was NOT included in the renumeration report within the annual report for 2016/2017? Oversight? Deliberate? Is the reporting truthful?

XPE Price at posting: 0.9¢ Sentiment: Hold Disclosure: Held
6 Upvote

0 Great analysis

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Ann: Full Year Statutory Accounts 2017, page-25

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Ann: Full Year Statutory Accounts 2017, page-25

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