Shareholders are tiring of exhorbitant remuneration of of company directors. Dissention appears to be escalating at NST with the following key observations of their executive Chairman, Bill Beament, at yesterday's AGM
- Beament received a $28M bonanza with, yet another, exercising of performance rights. Gifting him 3M shares.
- A massive 41% (up from 11% in 2016) of protesting shareholders voted against Beament issue of a further 535K performance rights
- Beaments base salary (excluding rights and every other benefit) increased from $755K to an unbelievable $1.4M. Up ~90%
- Additionally Beament will receive a short-term incentive bonus where he can receive up to 113.75% on top of his fixed remuneration as 50/50 cash/performance rights, or all performance rights
- In FY2019 Beament can earn up to $7.2M
Wow!!!! I, for one, fail to see how any Director can consciously justify these amounts of money.
Directors are charged with having their shareholders best interests ahead of their own. I suppose in 2020 we will see if company growth exceeds Beament's remuneration growth!
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- 41% of Shareholders Vote Against Beament
41% of Shareholders Vote Against Beament
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