In the year ended 30 June 2021, Mr Russell’s total remuneration...

In the year ended 30 June 2021, Mr Russell’s total remuneration is AU$6,630 ($50,000 annualised), as reflected in the 2021 Annual Report. The Company expects Mr Russell to continue to be remunerated at a similar level on an ongoing basis.

Paul Russell has institutional banking and funding experience. He worked as a director, structured asset finance for Westpac institutional bank. He's conducted a few media interviews on behalf of IOU and specializes in accounting and econometrics.

His position on the board prevents the company from breaching ASX regulations for board structure wherein at least two board members must reside within Australia. His skills need to be fairly remunerated to provide enough motive for him to continue to do a good job. Share issuance preserves cash and means that Paul has vested interest in the success of the company.