Yes, it’s all a bit too cosy at board level.
To management and non-exec directors: “Here is our recommendation on incentive plans, which look quite achievable”.
Board members back to Delphi: “OK, thanks. I think we all agree that we should disagree with what the independent expert says on your royalty. Have it anyway, despite his recommendation”.
I think it’s still possible to be very impressed by what SL and his team have achieved over the last 2 years, but pretty unimpressed by the governance implications around the royalty decision…
Ann: Change of Director's Interest Notice, page-10
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Mkt cap ! $629.4M | |||
| Open | High | Low | Value | Volume |
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| 1 | 31230 | 57.5¢ |
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