Agree cr7 and thought this might draw out some comments about the remuneration report but it seems that few are concerned. I still want to point some issues out to other shareholders.
According to the Annual Report, the cash bonus is an “STI linked directly to achievement of company and individual KPIs and performance targets” and remuneration is directed at “rewarding high individual performance” and “contribution to growth and success of the Company”. The Company also states that the share price is usually the “overarching performance metric” for the award of the STI. Hahaha as it has been suspended since April 2023, share price was not a relevant performance metric.
They have been so busy NOT finding a project or formulating a genuine strategy.
For what post-completion performance-related activity could they receive a further bonus for above the (incorrectly?) stated approx. 40%?There is a full-time COO for no operations.A project director where there is no project. And a CFO who couldn’t possibly be needed to work full-time.Along with an Executive Chairman who states he works 0.6 FTE.The Annual Report states that the Company paid $2,009,062 in employee benefits for 2023.What have they all been doing to earn a bonus let alone their base salaries?The increase in employee benefits from 2022 is approx. $600K, which would be largely due to the cash bonus payments.
What could possibly be the basis for the award of an additional bonus post transaction completion for an Executive team that has failed to produce an investment strategy in 2023, and where the Company has been in suspension and with no activities? A capital reduction surely does not by any means meet “KPIs and performance targets”? And that work on the capital return and dividend would have been done by the Company’s external advisers.
I am also curious as to what constitutes a spend of $672,044 for “other administration expenses”, which increased by over $220K from the previous year. For such a small company, with little activity, how has even that increased? Lifestyle expenses indeed.
I don't think this is reasonable.
(20min delay)