When I read the ARL annual report, I was staggered to see how...

When I read the ARL annual report, I was staggered to see how much the directors are paying themselves.

If you annualise the directors' fees shown in the annual report (bearing in mind that ARL was incorporated on 8 August 2012), the annual fees we paid our non-executive directors were as follows:

David Beddall (chairman) $135,475
Lindsay Johnston $154,829
Tony Pope $131,162

These fees are far higher than comparable companies pay. For example, Keybridge Capital, a slightly larger ($42m of assets compared to ARL's $40m) company with a far more complex set of assets pays its chairman $87,200 and its non-executive directors $60,000 pa.

I'm glad someone (apart from the consultants of course!) is doing well out of ARL.