Ann: Preliminary Final Report, page-7

I put a case against executive loans to the Board at last year's AGM. Initially they said they would thus have skin in the game/downside however then conceded that there wasn't anything to stop them walking away from the loans if the share price tanked. I indicated that the Executive are well remunerated and if they want to have equity they should buy on market like everyone else, just as the directors who have been very good at sticking their hands in their own pockets to buy. The Board viewed it as a retention mechanism. I'm not wholly convinced however they were very gracious with time to debate it at the AGM and engaged with the shareholders.