Ann: Quarterly Activities Report September 2013 , page-8

re: Ann: Quarterly Activities Report Septembe... I fully agree with concerns about cash the burn. What concerns me more is this: We are supposed to vote at upcoming GM. Point 3 and 4 concerns Remuneration. I find it totally offensive to the stockholders of a company that had been in doldrums for years. The most offensive is calculation of the CEO remuneration.

If one breaks down his remuneration relative to the financial statement, the results are like this:

% of annual salary to capitalization --> 0.832%
% of annual salary To EV --> 1.19%
% of annual salary to EBITA --> 12%

CVN Net income: -8.39M

Return on Assets : -0.40%
Return on Equity : -10.15%

I hope that the shareholders wise up to this. Shareholders are company owners and as such, I think that we cannot afford to pay CEO 12% of EBITDA.