lets see what have management (inc directors)have accomplished in the 08/09 fin year, surely, it must be a multitude of resource definitions, upgrades, acquistions etc
lets think can anyone think of anything that has increased shareholder returns?
Ok -lets drill through the directors renumeration in the annual report
C.Markopoulos $320k base, 36,000 car allowance, 40,000 bonus and 30,000 super= 430k package
M.Wilson $280k base, 25,000 super, 36,000 car allowance, and ex gratia performance bonus $100,000= 450k package
J.Lester 305k base, 36,000 car allowance, and ex gratia performance bonus 100,000= 440k package
interestingly, a $100,000 performance bonus achieved by Wison and Lester- call me ignorant but what reason/s would this be paid out??
Further, I have not compiled a study on directors, management pay for other mid sized explorers, however, these amounts appear incredibly high, and more importantly, the lack of real, material and key company updates concerning wiluna iron ore leaves me thinking- what the f.c. is going on?
Why were these guys given 100k bonuses? Surely, share options or shares would have been more relevant, in this case, maybe the shareholder returns would be improved.
We, as shareholders have been waiting for over 6 months for material company updates concerning pre feasabilty study and resource possible upgrades? KPMG have surely been paid a motza to compile a strategic review- what have they come up with- demerge gold assets- they could have contacted myself for that- would have charged far less.
I am fed up with GWR management- this is such a fuc...g joke!
For all shareholders whom have been through this, lets hope we get taken over asap so we can see some decent return.
GWR Price at posting:
36.8¢ Sentiment: Hold Disclosure: Held
