worst corporate governance on the asx, page-28

Welcome back Decan - worried something might have happened to you when you couldn't venture a single answer to the rebuttal of your last public-spirited down ramp.

However, I guess you'll feel a bit more confident and comfortable talking about the topic of remuneration on the day of an announcement about it.

Maybe you could reveal some of the great store of knowledge of the directors' and chairman's remuneration packages paid in all the other listed biotechs to provide some meaningful context to your statement that it is DEFINATELY (sic) the worst you have ever seen.

As you appear not to be all that familiar with say, the correct spelling of words, it seems reasonable to ask for some indication of what comparisons form the basis for your subjective observation.

On the other hand, the comparisons between total remuneration and roles between the different management of bio specs are also a bit problematic. The fact PRR is about to enter Phase III trials seems a relevant factor.

The exercise price is hardly relevant except that when it is higher than SP and longer term, the number of options involved is usually much greater and it is a potential bonus. Also, that style of option granting can just turn out to be a ramp as in "Wow, they expect the SP to be that high in 12 months - get on".

If it is lower than the SP, it is just salary, not a potential bonus, or a ramp - so it is of no consequence how much lower the exercise price is in comparison to today's SP, which, oh my God, is currently 8% lower than yesterday.

It's just salary that a bio spec cannot pay out of operating reserves. You are aware that the holders do pay the salary of the management, however it is bundled?

If you invest in one of these biotech spec companies you absolutely require quality management, which you don't get on the cheap.

They want a good reward if they commercialise CVac and it won't unduly affect my reward as a holder if they succeed in that endeavour. If they don't succeed, their remuneration by way of options won't be a material factor either. It might have appeared somehow more palatable if the exercise price was higher, but as I say, it is of no consequence to me or to the SP.

Over to you...go hard this time, it's provided you with at least a small weapon to use in an attack. You couldn't support an argument attacking the product, the trial and the holders, maybe you'll be able to sustain an attack on the management for a day.