Back in 2010 at the AGM the representative the Australian Shareholders Committee spoke about how Biota had an excessive number of meetings where senior employees met to discuss their remuneration.
Yes, there is a committee for remuneration at Biota but no marketing or public relations function, or any single person solely dedicated to promoting the company.. I think Cook is responsible for marketing and PR - with so many hats and so much responsibility no wonder Cook is on a huge wicket and gets lots of free options!
Anyway the Australian Shareholders spokesman voted to REJECT the remuneration report. Unfortunately only 1 or 2 others in the room raised their hands to reject as well. Mind you the share price at he time was at a lowly dollar, and had fallen from $3 a year ago and $2 six months prior.
But the collection of people at tthe AGM weren't strong enough to stand up against a executive team whose decisions had been destroying their wealth.
Other companies are successful at challenging excessive remuneration - why are Biota's shareholders mushrooms?
BTA Price at posting:
59.0¢ Sentiment: Buy Disclosure: Held
