I must confess on my quick read yesterday i didn't consider the shares in lieu of Fee and Wage reductions as an issue, due to the fact they appeared to be subject to shareholder approval.
After checking into HC just now and seeing the emotion this has created, i thought i should reread the announcement.
Sure enough, the 'shareholder approval' vote
only applies to Non-Exec Directors........
So Exec Directors, senior m'ment and staff will receive the shares in lieu WITHOUT a shareholder vote.
Let me say first up i'll never be against the issue of shares for boards/management/staff as incentives for 'performance'.....
Having said that, even in this instance I'm OK with the staff getting the shares in lieu of wages....., but not the exec directors and senior m'ment, WITHOUT A SHAREHOLDER VOTE!!! It is essentially these guys who have taken us on the path we now find ourselves in.
So in my opinion, a good compromise would be to open up the 'shareholder approval' vote to include ALL Directors AND Senior Management share entitlements resulting from the COVID-19 induced pay cuts.
The very real threat of a NO VOTE should be motivation enough for them.....!!!!!
GLTAH.
