Ann: Annual Report to shareholders, page-18

Actually, shareholders in any company have right to question anything about company activities. Remember that this is a discussion forum and not something limited to "cheer squads". Comments that may not be 100% favorable or designed to glorify management are equally valid comments as those that praise the BOD when they do good things. There is room for both when these are balanced. None of the comments I have read have trolled the company. Valid issues should be discussed openly otherwise this forum loses its integrity and meaningfulness.

I would also suggest that the MC has increased on expectations and not purely on BOD performance. This has been largely OK but, no one can say it has been perfect. Pretty much for the reasons you covered.

BOD salaries - and in particular, performance rights - should be based on actual performance and that will be seen in BNL's case, on actual drilling (and drilling success) and the resulting rise in shareholder rewards - ie: the SP. Salaries should not be just aligned with industry averages if the company has not reached its goals that shareholders expected - BNL is not there yet though all of us are hopeful it will be soon.

So, no one is complaining but they are shining a balanced light on company (and hence BOD) performance over the last two years.

I am sure that you do not have an issue with that @WestOzBull Posters are not being negative at all but they are scrutinising their investment - and I suggest that is called due diligence. Surely that is not a wrong thing to do.