be sure of what you vote against

Over the past few weeks, the MYG boat has been rocked a little and one issue has come out upon which I feel I must comment.

There has been suggestion that remuneration packages should be dependent on results once achieved, which is certainly a point of view. However, from experience, I also know that if you have the best team and are prepared to pay that team properly, it often stays and gives you the results you want.

Whichever way you vote at the AGM is up to you. For my part, I can understand and go along with the Chairman's philosophy, because this very case happened with myself over the last year. I raised my fees substantially prior to performance, secure in the knowledge I could, and would perform. With 32 years in the industry, I felt and still feel that I had already proved myself and was worth it. So it proved. A year later, my performance has thoroughly justified the fees. If this is also the case with MYG, who am I to argue?

I bought MYG and still hold it in the hope and increasing belief that this company should perform very well over the long term. I want it to have the best chance to do so and that always means having a good team with strong leadership. If I have to pay to gain good results, then so be it. I'm not especially interested in salary comparisons, just give me the results.

What I don't want to chance is the loss of expert personnel and a subsequent dive in the SP as the markets condemn the lack of leadership. Like others, deadlines in terms of weeks or months don't mean much to me. I want capital gain and dividends over the next few years. When I look at what has been achieved so far, I am very happy. In my view, there is no point in looking at what might have happened in comparison to deadlines, as this is just conjecture.

Bitter experience tells me that if you want to make real money from an investment, you have to be patient and be a shareholder when the price rises, whenever that will be.

The recent letter to shareholders has re-affirmed the company's position to me and I continue to hold for the reasons I have given. I am secure in the belief we have an excellent team and I applaud the Cash producing Deflector approach.

For my part, I will be resisting the urge to vote against the increases as, in my view, this has too much potential to derail MYG's future performance