IVZ (ASX) Ann: AGM Chairman's Address

"Well, one must ask why 138m voted for the free broker oppies but only 86m voted for the employee incentives."

Probably because the SI voted for themselves to get the oppies but voted down the employee incentives, aswell as retail

Its entirely possible that Stuart didn't feel he was appreciated enough with these incentives being voted down for the work he's done so far. But i dont think that's the reason for him stepping down.

This is what he has done to date:
I have been fortunate to work collaboratively and strategically with my fellow board members on many positive and meaningful accomplishments during my tenure, including the signing of the PEDPA, finalising the PPSA, acquiring new seismic, receiving four farm-in offers, extending the licence area with the Sovereign Wealth Fund, conducting extensive pre-drill subsurface work to de-risk the portfolio and of course, drilling the first exploration well in Zimbabwe.

Everything aside, these are the important bits from the announcement / words of Stuart:

With the presence of hydrocarbons in our first Exploration well, this is an opportune time for the Company bring in a new Chairman with a complimentary skill set to lead the commercialisation efforts as the Company transitions from an explorer.

The well is hopefully the first step towards energy independence for Zimbabwe and the ability for Zimbabwe to supply energy to adjacent countries. The Government of Zimbabwe, our local partner One Gas Resources led by Paul Chimbodza and the local community support have been pivotal to this shared success.

I am a significant shareholder of the Company and intend on being a long-term shareholder and supporting the Company as it grows.

While initially this came a cross as a big red flag - after reading the announcement properly, i really don't think it is. To those that are saying "he doesn't want to tarnish his 90% success rate." - this will be apart of his success rate because hes done the job already, and has been working on this project for many years. From his wording, it sounds like he is certain there are hydrocarbons present, and it looks like he believes the company will transition from an explorer... which is very positive news.

Dr Lake has over 34 years in the Petroleum industry, having operated assets in 20 countries worldwide, including in +10 in African countries. Combines in-depth technical knowledge and a world class track record as an Oil & Gas finder, having led many teams in maintaining a 90% exploration success rate (from over 300 wells in 11 countries including deep-water and new plays).

Just look at his credentials. Is he still on the board for the other 300 wells from i assume various & many different companies? Impossible. A man with this record clearly has a passion for his job. And in invictus case, it looks like hes finished the job and doesnt involve himself in the commercialization / rest of it. On the other hand, he could well and truly have some personal reasons for stepping down . Either way i dont believe "hes leaving because he thinks its a duster"