What really irks me is the lack of a concern for shareholders via a well thought out hedging policy, to protect against the risks for owners, who are domiciled in Australia.
At 30 June 2009 the GBP was .4872 and the directors paid themselves handsomely, total remuneration:
Gary Cohen 1,113,572
Stephen Garrington 668,256
Andrea Fiumicelli 1,238,260
Brian Cohen 843,797
Martin Deda 1,039,470
Gordon Mackay 594,507
Peter Herrmann 1,039,135
Wim Botermans 895,447
TOTAL 7,432,444
Fast forward to today, the GBP is 0.6021... and Australian shareholders have effectively loss 23 per cent of the main arm of earnings, (75%, based on overall segment results)
I'd like to see the lofty management structure based here in Australia, take a 23% hair cut for failing to put in place a simple and standard hedging policy.
What do they do here anyway except possibly clocking up 1st class travel around the world, staying at 5 star hotels with limo transfers all at our expense. They might give a pat and a handshake to the management team in London, the blokes who are actually doing the work. Nice guys.
What really irks me is the lack of a concern for shareholders...
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