I vote for a pay cut for all directors. Give them share options as an incentive instead. Its a fair way to do it. Then they will think very carefully about how they operate the company. I must say that they have been very responsible about holding onto cash. Not chasing another golden goose.
PAN did this and if you think OZL has performed badly, have a look at PAN.
TAP did this recently with their MD.. http://www.stocknessmonster.com/news-item?S=TAP&E=ASX&N=632123
OZL Price at posting:
$4.05 Sentiment: ST Buy Disclosure: Held