I regards to "For small biotechs waiting for their breakthrough...

I regards to "For small biotechs waiting for their breakthrough moment I doubt there's much that the board can do every fortnight.", I agree with the statement which also beckons the question of "Why are they meeting every fortnight if they can't do much"? There must be something brewing, and I'm hoping for a ripper licensing deal.

On the flip side of paying people a great deal, if the PH3 trials fail, then really the options issued are useless.

However in regards to remuneration statistically if you compare current small market cap's CEO/Board remuneration packages in the biotech's they are all on a near similar wicket/package (look at the remuneration report and the comparison companies that they have listed) and unfortunately you need to pay a premium to attract what people/board members to believe are top talent. So once they are secured, they really need to earn what they have negotiated otherwise their tenure SHOULD be short-lived. Also there are a LOT of other CEO/Board members who routinely get paid $1-3m+ as a BASE, so really $350k + options is not a bad deal IMO.

Also note that they did not make the full remuneration, only a percentage of it as they did not meet the complete KPI's. The component of fixed remuneration was also reduced by (0.48%), and the previous year was reduced by (21.35%), so they are using a proper process around this, not just picking random numbers to pay people.

I've also been burnt in the past by ACL speaking with the board, quoting Mel Bridges saying to me for 2 years running at the AGM's that "This is ACL's watershed year" (pre PH3), but yet here we are, so I usually take things with a grain of salt and also make sure that I do my own research before committing my hard earned cash.

Of interest though - if you look Costa's bio

"As President and Chief Operating Officer of Quintiles Transnational Corp. , Sandy had responsibility for all operating divisions, as well as worldwide business development.  During his nearly six years in this role, the corporation’s annual revenues rose from approximately $90 million to $1.6 billion. Sandy also oversaw the successful integration of over 40 acquisitions as the Company’s employee base increased from approximately 1,000 to 20,000 located in 135 offices in more than 30 countries.   During the same period, Quintiles Transnational Corp. became a member of the Fortune 1000, the NASDAQ 100 and in November 1999 it joined the S&P 500"

Now if he can help ACL do something similar - lets say raise the annual revenues from $9m (2014) to $400-900m (2020) (Taylor Analyst Report), then I'm happy with that level of remuneration.

In response to have they earned this on a week-to-week basis - maybe, but maybe not, however you can't ethically structure a payment/salary regime based on that ethos - otherwise I would adopt this for all my employees - but I don't think they would be happy about it! Its has to be a year to year proposition.

BTW - waiting for this announcement is really driving me bonkers.