Originally posted by japanfresh
And yet his confidence didn't quite translate into contributing any $ did it? Quite the opposite in fact, a payrise and a company loan!
Shane we understand that after striiiike 1, the BoD will be considering remuneration again for FY19.
We also understand that the BoD resolved to spend money on an external consultant to ensure that the decision remained 'impartial' and can continue to attract & retain quality talent.
I'm curious to know why, having made this investment in 3rd party expert advice, and accepting this advice, the BoD would then ignore that very same advice and remove the CEO's option entitlement resolution a few short months later?
Wouldn't this time & money have been better spent elsewhere, say for instance on VM marketing efforts?
I am I incorrect in assuming that the BoD engaged expert advice, acted on it, then acted against it? Could it be possible the expert advice changed?
Do the BoD consider loans to staff when deciding their remuneration?
Does the BoD consider it reasonable for a BoD to award a CEO 5% of revenue for a product that has never been profitable? Is the board aware that two other listed ASX entities had substantially similar products that also failed? (although to a greatly reduced magnitude?
How did the board come to the decision that removing options from the CEO's remuneration would be provide an equal or greater incentive to act in shareholder's interests than if they had resolved to reduce an equivalent amount of the fixed component of his salary?
Since 20 November there has been a sharp drop off in World Voicemail download rankings in the USA in iOS store. Is this attributed to reducing marketing spend in this market?
If the CEO's confidence stems from VM as you mention above, is the drop in rankings of concern to management? If there was a reduction of spending in VM how can this be of benefit to shareholders?
Now that the CR charade is over, does NOR intend to make an update to the market on:
The Collinson loyalty relationship with NOR, is it still being described as 'strong'?
World Voicemail revenue performance: Sensor Tower says $6k USD for November.
Is this accurate? Why have their been no updates since the original and very granular update?
What is the minimum term of the Spark NZ agreement?
What is the minimum upfront revenue commitment, when will it be received?
What is the minimum level of the ongoing revenue commitment?
How have NOR arrived at the estimates released to the market?
Are there any termination clauses in the agreement that pertain to NOR's financial situation?
Are their any covenants within the agreement that provide Spark rights over NOR, it's IP or its assets?
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.
(20min delay)