The clock is ticking for the Quarterly Report to appear. As pointed out 3 weeks ago (on 26/03/2014), there are quite a number of matters, which needs the board's and management's attention.
As Bhutos pointed out in the other thread, it is always beneficial to read the complete financials:
"In the event that the consolidated entity is unsuccessful in the matters set out above, there is a material uncertainty whether the consolidated entity will continue as a going concern" .
You'll find also in the Annual Report to 30June2014, released to ASX on 01.October 2014:
…..on page 14, the details of the remuneration of the key management personnel, i.e. Kim and Neil
…..and on page 12:
The principles which are used to determine the amount and nature of remuneration
The objective of the company's executive reward framework is supposed to be: “to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for shareholders, and conforms with the market best practice for delivery of reward.”
The Board of Directors should ensure that executive reward satisfies the following key criteria for good reward governance practices:
- transparency
- competitiveness and reasonableness
- alignment of executive compensation
- acceptability to shareholders
Some details of the financial situation and action planning is urgently required. Also the remuneration of Neil and Kim is IMHO not any more acceptable and I believe, that others are of the same opinion.
(20min delay)