Personally, I am voting as follows:
I'm strongly in favour of the shift in performance rights for Mark Brayan (resolution 5). Essentially, the total compensation package for MB remains the same but part of the LTI is shifted into the STI. This incentivises our CEO to drive revenue and earnings growth in CY2021.
Regarding resolution 7, personally, I think the increase in remuneration for NEDs is unnecessary. The Chair is already a major shareholder. Increasing his fixed pay from $200K to $240K seems unnecessarily greedy/stingy.
In June 2020, Chairman Chris Vonwiller sold two million shares for "a number of personal reasons" and netted $58 million (selling at $29 a share). He remains the company's largest shareholder with approximately nine million shares or around 7.5 per cent of issued capital. His remaining stake is worth around $140 million at current prices.
The rest of the board should increase skin in the game by buying on market, particularly at the current depressed prices, not seek out an increase in fixed remuneration.
T.E.P.
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