By your reasoning, they are rewarding themselves and diluting...

By your reasoning, they are rewarding themselves and diluting others, if what you are suggesting is what a child could do?
Apart from the divestment and listing work, I can't think of any other reason why the directors should be "rewarded" with both ST and LT Incentives, without future goals or SP/MCAP downside protection KPI's. The main performance criteria at the moment is seems to be checking the mailbox for the cheque (although it would be fun to open an actual mailed cheque from the MAC royalty).

Our SP is getting hammered and we have hardly heard/seen any media or announcements to slow the haemorrhaging due to Iron Ore price volatility that won't affect DRR due to MAC being way way down the cost curve. I do see it as a Yield vehicle, but I think the SP volatility can be smoothed a lot better by management.