Ann: Director resignation, page-8

Chatfield was the Head of the Audit Committee that agreed to increase Staveley's pay to $1.5m p.a. The Audit Committee only had two members, Peters and Chatfield. It is now down to one. NRZ has three overseas directors who don't understand Australian accounting laws and best practices when it comes to remuneration. This means that Staveley and Peters will be the sole members of the Audit Committee. They are both executive directors and will be approving each other's pay increases.

While it's good to see Chatfield leave, things have just got a lot worse for shareholders with Staveley and Peters being the only Australian directors remaining and being in control of each other's salaries. Some big pay rises are coming.