Getting back to the Board,
Brian Thomas is listed as a non-executive director however that is incorrect because he is an emplpoyee of the Company(he's the Technical Director). Therefore he is an executive director. His $240,000 salary is paid by the Company for his Technical Director position.
The remaining two Directors are not employees of LNR and therefore are non-executive directors and are remunerated out of the Non-Executive Directors’ fee pool.
Extract from Annual Report:
Non-Executive Directors’ fees are determined within the Non-Executive Directors’ fee pool limit, which is
periodically recommended for approval by shareholders. The pool currently stands at $300,000 per annum for Non Executive Directors has approved at the Company’s Annual General Meeting on 26 November 2019
.........and David Francis & Peter Swiridiuk cash remuneration adds up to $299,996. They are milking that pool for what it's worth without an at-risk performance based component. They can use all of it irrespective of how many non-executive directors are on teh Board.
When shareholders agreed to that pool, they should have stated that it was to be prorata according to the number of non-executive directors. Under current arrangement if there was only one non-executive director that person could hog the whole lot! I don't understand why Peter Swiridiuk is remunerated $239,996 for the year as a non-executive director.David Frances gets $60,000.
I think this is rather unprofessional and the pool needs to be either scrapped or prorata with a max figure for any individual.
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