Ann: BluGlass Business Update, page-20

Salary sacrifice for shares is allowed provided its done in accordance with section 195 of the Corporations Act.

A director of a public company cannot vote or be present during meetings when matters in which that director holds a "material personal interest" are being considered. The BoD has a material personal interest in a resolution for them to salary sacrifice and Directors will not be able to form a quorum at the meeting necessary to carry out the terms of such a motion. However the BoD can exercise their right under section 195(4) of the Corporations Act to put the issue to an EGM as an ordinary resolution. It would be inappropriate for the Board to give any voting recommendation with respect to such a motion. I'm not a legal expert but have seen this happen with other companies

IMO the BoD will need to modify any motion to show that they are suffering pain along with other SH's before they have any chance of it passing. The BoD will need to devise a mechanism whereby they do not gain an unfair advantage but are still rewarded for success (along with other SH's). It's vital that cash is saved but to the end of the FY (30 June 2020) this is only 3 months of saving (for BoD & KMPs A$133,111 saving) and needs to be extended until they are cash flow +ve. The 25% staff saving is A$192,570 to EoY (30 June 2020) is more significant and will also need to be similarly extended. IMO those that salary sacrifice need to share in any success but also need to share pain along with all others.