Ann: ASX Announcement - SIV Notes , page-26

The board hopefully is singing from the same hymn page as the long suffering shareholders. The handsome remuneration afforded to the board often reduces the motivation to enhance shareholders' return which at the end of the day can reflected in the share price. I hope TZ board does not lose sight of this most important facet of running a public company. If the operational success of a listed company is not translated into share price appreciation, the board is deemed to have failed in its most important function in the eyes of most shareholders.Afterall capital gains from share price appreciation can be the only yardstick by which the performance of a board can be judged. In presiding overall an ever decreasing share price, no board can claim to have done the right things for all the shareholders and not just the largest shareholder.
Public companies valuation is not always just a function of price earning ratios but also how the board is able to bring the investment public on-board.
The failure of the board to sparkle investor interest in TZ should not only spur the board in 2012 but also invites the board to rethink whether its has the right mix of senior personnel going forward.