Ann: Letter to Shareholders - AGM Notice of Meeting, page-21

What the Board are doing here is tantamount to blackmail. Knowing shareholders do not want the additional expenses involved in a spill, and despite what has transpired over the last few months they are still prepared to go ahead and increase their remuneration.

To me, that is holding shareholders in contempt.

Leading by example is a noble attribute.

These people have a choice: forego any increase in remuneration and put the funds towards project development or take a pay rise.

Clearly, they want the pay rise.

As Keating once remarked, “In a two horse race always back self interest because you know it’s the only one really trying.”

Regardless of pay standards in the industry, I see no reason why these people need a pay rise. They’re not exactly on struggle street at present.

I don’t want a spill, but I can’t vote yes.

Vote abstain as a protest.