shares / options / performance rights, page-21

Ferguson's 12million performance right is definitely too generous.

If one takes all of his 42million performance right into consideration, and assume that the VWAP reachs 45c and all are converted in 2h 2018, that's equate to approx $19mil or approx 2.5% of AVZ MC. Not even CBA CEO get this kind of remuneration. I am all for rewarding great performance, but balance is needed.

That said, if someone without knowledge of AVZ take a quick glance through Columbo's paragraph and not spend time to go through the table, one can interpret wrongly that there's a huge dilution due to performance right.