The focus on the managing director's salary is not very productive.
The salary is clearly laid out in the remuneration report, there is no confusion or uncertainty. The Board clearly thought the remuneration was appropriate, in part based on expert advice, or they wouldn't have approved it. The incentive package for the managing director was then put forward for approval at the AGM in its own resolution, as required. A majority of shareholders disagreed, hence it was withdrawn. The Board have heard the dissatisfaction and will now consider this, and shareholders will have another opportunity to vote on their their view at the 2019 AGM. This is actually not too dissimilar for what just happened to Westpac - the Board thought that a package was appropriate, shareholders disagreed.
Information on the Spark agreement has been announced, it is unlikely that the very fine contractual detail you are seeking there would be released to the ASX. Needless to say, the material terms of the agreement have been announced - if a covenant over assets existed, it would be a material term and included in the announcement. Similarly, the same for cash receipts / revenue - they would most likely get confirmed in the regular reporting schedule for those items, not ad-hoc.
At a certain stage, shareholders have to have some faith that the Board and Management are in charge of the day to day running of the Company on behalf of shareholders and are doing so diligently to the best of their abilities - you can't micro manage a Company through a bulletin board.
NOR Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
