Ann: Notice of General Meeting/Proxy Form, page-2

salary and options for MD are too high. don't get me wrong, he is serviceable and great for how things work in Brazil but his credentials are limited in leading us into mid tier status. i think his input (there have been many missteps along the way) is overstated by a board that is out of touch with reality and by the same token has run its course and needs refresh to better credentialed individuals. by contrast bruno who has done and who is doing all the hard lifting over there in Brazil, gets a mere pittance of the spoils in terms of salary and options. board has a lot to answer for and is past its use by date