The board has lost any goodwill from me when it comes to...

The board has lost any goodwill from me when it comes to assessing their performance.

Cast your mind back to last year where the remuneration committee (being the two NEDs) proposed a remuneration structure as though we were going to the moon overnight.

Either the board was so far out of touch with the reality of where the company was or things have gone horribly pear shaped this year because they set some pretty high expectations.

Just to quantify that forward looking remuneration I speak of for those ‘in the TNG board we trust’ type, a NED that attended 12 board meetings at 8 hours a meeting and 8 hours material prep time (that is very generous), racks up 192 hours of TNG time.

Our NEDs receive $77,000 per year, equivalent to a rate of $400 per hour. An acceptable rate and market standard for a NED.

Our NEDs also proposed that 5,000,000 options be granted which were independently valued by BDO at $535,000 per tranche, equivalent to a rate of $2,786 per hour.