No one knows exactly what JR does to earn his astronomically high salary.
If you look at his remuneration since he arrived:
2020: $32,500 On a monthly rate of $20,000 for a 3 day week
2021: $2,723,771 of which $2,453,771 was share-based payments. I daresay the value of those shares have decreased significantly. His monthly rate increased to $25,000 for a 3 day week.
2022: $1,357,818 of which $1,007,818 was in share-based payments.
In total he has received $4,114,089 since he arrived at the Company. And we are yet to generate one cent of revenue! It was deemed necessary to bring Bob in to the Company to rescue it from disaster so in my opinion, I don't think JR has been of benefit to the Company. He was removed from the Board after the first strike so he could hide away from the limelight while still keeping his huge salary. Same with JM. I doubt whether he will take a pay cut after moving out of the MD position?
The pathway that JM and JR decided to take the Company was obviously fully backed by the Board of Directors.
We have been deceived by everyone at the Company especially in relation to the CC Pilot Plant, the HPA pathway as well as the key milestones that were pitched but not delivered. JM comments such as 'everyone around the world wants our product' yet he hasn't filled the required BOA's after four years at the Company.
In my opinion, JR needs to go to make way for someone who will accept a suitable pay rate for the current position that the Company is at.
Someone from the Board needs to be removed. Melissa kindly reminded me at the AGM that it was her job to 'give advice' as a NED. So her and the other Board members 'advice' has led this Company to the brink of disaster so who should go?
I questioned the Board at the last AGM about the CC Pilot Plant because I smelt a rat! MW stated that he was confident that the Company had provided full disclosure about the CC plant. Well that turned out to be a load of hogwash didn't it!! They hadn't disclosed vital information and failed to do so until after Bob came in and shareholders demanded answers. Melissa is a corporate lawyer but she stated at the AGM that she would protect the 'company' rather than shareholders. She of all people should know and advise the rest of the Board of their obligations to provide full disclosure. So her failure to do so proves that she protects her fellow Board members rather than what is best for shareholders.
Where is the honesty, the transparency and the integrity of the members of the Board plus JM and JR? Missing in action I say.
JM can stay to prove that he can deliver on BOA's and marketing now that he can concentrate on that job rather than drive the entire Company.
JR needs to go.
At least one Board member needs to go. Bring in people who will support Bob and his new strategy moving forward.
All in my opinion.
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