annual report to shareholders ..., page-8

In response to Golfbravo - who posted this.

“Just read the AGM flyer in the mail and the directors want another $100K a year. With the Share price going nowhere is this justifiable? Surely they should be rewarded on Share price success?”

A little knowledge can be a dangerous thing. He was referring to Resolution 8 on the proxy form issued on 22/9 to be voted by shareholders at the AGM on 29/10:

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00990194

If anyone bothered to read the summary on page 3 and the explanation on page 8, you would see that they are asking you to vote on a resolution to increase the maximum aggregate amount paid to non exec directors from $300k to $400k.

That’s not per non exec director - that is the total aggregate amount in Non exec director fees.

This is also to take account of the new non-exec from POSCO joining the board.

Now how many of those people who gave Golfbravo’s post a thumbs up actually read the form properly?