320,000 (2018)now 240 000 but a component of 30% of annual...

320,000 (2018)

now 

240 000 but a component of 30% of annual salary is paid in shares if performance target met. 30 percent of 240000 is approx 80 000. 80000 + 240 000 = 320000. 

good that this component is performance based but what are the performance targets? These guys are players and IMO the performance targets will not be significant. 

This is how I think they went about structuring it.

Annual general meeting - shareholders vote down remuneration package. 

Board meeting - geez we need to look as if we addressing this issue. We don't want to be out of pocket. Let's restructure and put in a performance criteria, but we will set it pretty low so that it ensures we will meet it.

ASX announcement - looks good on paper a drop of 80, 000 in salary. 

Next AGM - Strike two means a board spill. So the propaganda before this is look we dropped our salary by a third. 

Mind you, should the share price rise into the mid-teens and above with increased revenues, yep they deserve it. I would like to see the targets and hard figures. Should the share price rise to 20c and they have annual revenues of 3 million yep get the pay rise. I suspect the targets will be somewhat less onerous. 

Problem is they don't have an independent board overseeing this .....