Ann: Notice of Annual General Meeting and Proxy Form-IAM.AX, page-9

Just a few observations:
- the $300K is cumulative, so covers all non-executive directors of IAM
- it includes super
- this expense reduces NPAT, so impacts MF's performance shares profit targets
- "pay peanuts, get monkeys" - I'm very happy with the calibre of NED's we have on board, so I don't really see it as a big issue. I would rather pay a bit more knowing we have well connected and industry-relevant NED's, that will help us get the next big deal across the line and make the $300K seem inconsequential.

Think big picture guys and keep your eye's on the prize !