It is ironic that Pel and I were discussing earlier today, about the BODs paying themselves such high salaries compared to their effectiveness and achievements, ..... and low and behold this announcement is made!
They've jolly well been paying their non-executive directors more than they were legally allowed to! Breaching the ASX Listing Rule 10.17!
The over-payment of around $141,000 is 94% above their limit of $150,000. This is not an insignificant amount, especially when the cash burn is so high! Pel has been saying for over 12 months now, admittedly stating this 3 times a day every jolly day of the week was a bit over the top!, that the BOD were overpaid, and he is totally right! And of course these "hardworking" non-executive directors have decided not to pay the money back!
Ordinary shareholders aren't going to be happy, but they will be outvoted!
Ann: Payment of NED Fees in Excess of Prescribed Maximum Cap, page-22
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