Ann: Annual Report to shareholders, page-7

That was an ordinary annual report, I am amazed their was no CEO report. Considering how difficult the last year was and the need to to provide some reassurance to shareholders that the strategy that has been implemented by the BOD is on track. One whole page (Chairman's report) out of 78 page annual report which was probably put together in a micro second doesn't inspire confidence. Maybe this is harsh and the strategy is working, certainly revenue growth is heading in the right direction but that is not were the problem is, costs are out of control and to simply say that costs will fall to 26% of revenue from 29% by moving to a single IT platform doesn't cut it. They allege a well researched and "top to toe" review to be implemented over the next 18mths (a minimum of $6m of savings). That should have opened the door to a CEO report that provided some of the detail and create the confidence that it can be executed.
Detail of remuneration was exhaustive (numerous pages~10), shareholders suffered a considerable decline in the share price. There needs to be a balance.
I am an immaterial shareholder relative to the 2 largest shareholders but come the AGM I will vote against any remuneration package that requires a shareholder vote. It is time to execute and show us how you plan to execute.
Like I said I maybe harsh but the blase trust us attitude is a concern. At a minimum the CEO should be conducting an open briefing meeting, the transcript and/or video is released to the public.