director workload, page-5

Hi Marcko2, yep been here for a long time. Have nothing to gain by selling now so will ride it out with a critical interest from this point forward.

The "charade" as you put it is a perfect description. The company has achieved virtually nothing in the 22 odd months since it acquired Denny Dalton... it has achieved less than just about any other listed company.

Hutchley... you are spot on re: Waller.

Tell me something... how can a Non-Executive director (Waller) earn $162,000/year in salary? He earns more than Willis and Gillard combined... and he is Non-Exec! Non-Exec's never earn more than the Executive Director... it is just bull$hit. It is Waller just funding his antipodean adventures in continental Europe.

Check out note 21-Director and Executive Disclosures in the Annual Report (p41), specifically, the following paragraph related to Non-Executive Director Compensation:


Structure

The Constitution and the ASX Listing Rules specify that the aggregate compensation of non-executive directors shall be determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between the directors as agreed. The maximum aggregate amount of fees that can be paid to non-executive directors is subject to approval by shareholders at the annual general meeting (currently $250,000). Fees for non-executive directors are not linked to the performance of the consolidated entity. However, to align directors’ interests with shareholder interests, the directors are encouraged to hold shares in the company.

WTF?

Why does Waller earn such a massive salary that is not linked to his performance... and why the FCUK does he not own shares in the company?!

Additionally,... the Annual Report states that he attended 16 company meetings during the year. If he attended 16 meetings in Perth, is that where all the Administration fees in the Qtly's are accrued... flying Waller to and from Europe in Business Class 16 times a year?!!

Just to top it all off... where in note 21-Director and Executive Disclosures is Ralph Bagirathi's remuneration disclosed? He joined in June 07... so it should be noted.

It makes my blood boil just typing this. I honestly would not shed a tear if I read in the mornings paper that Willis, Waller and Basset had suffered a bout of Wayne Carey style vigilantism overnight.

If I ever have the pleasure of sitting next to Waller during one of my business trips to Europe, I will without hesitation land the most spine shattering uppercut on him before disembarking.