Ann: Ardent Leisure Group Half Year Financial Res, page-34

re: Ann: Ardent Leisure Group Half Year Finan... Legume,

undoubtedly you are right that executive remuneration is scandalous across the board. I feel that AAD is a relatively mild example compared to many others (Geoff Goodman's remuneration at GMG is outrageous with investors sitting on less than 15% of peak unit price post dilution).

I don't know how it can be fixed. Former executives make up remuneration committees and it has become a closed loop. Institutional Investors are run by overpaid executives who benchmark against these same listed company execs and hence rarely stir the pot.

I have probably adopted The Oracle's pragmatic approach and given companies a much greater tick when they genuinely demonstrate concern for their investors (incredibly rare).

In saying all that I am immensely comfortable with AAD and their internalised management. Similarly I have happily held MAP since they internalised. If only I had enough firepower to hold management accountable!