Originally posted by Shady Merv:
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I have had a look at this as well., as I wanted to check it out. This is the result.(h) Service agreements Remuneration and other terms of employment of the Managing Director are formalised in an agreement. The major provisions of the agreement relating to remuneration are set out below. During the year the Group paid a premium of $45,280 to insure the Directors and Secretary of the Company. Current Liabilities: Other payables – related party (i) $193,407 (in 2023 it was $270,442) (i) These amounts represent the unpaid Directors’ remuneration that may be called within the next 12 months. The liability is unsecured, and no decision has been made by the Directors on the timing or nature of the consideration to be provided in settlement.The Group is currently conducting a Feasibility Study on the prospects for mining and processing of gold ore from the Steam Engine Gold Deposit. Based on the highly positive results of the recent Scoping Study and the general gold price forecasts, the Board considers that there are reasonable prospects of development of the deposit within the next two years .
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Is this insurance normal for directors and is it regular practice for the company to pay it...? Are they expecting personal lawsuits?I did note his salary was reviewed in June 2023. So where was his
pay-cut this annual review?
Turning more and more into a lifestyle company, despite their carrot dangling talks of mine development.
(20min delay)