Directors shareholdings, page-2

It's not that uncommon for directors to not own shares in public companies, purely to maintain independence and avoid conflicts of interest. Basically the headlines of directors duties in the Corporations Act.

Also worth clarifying, the Act doesn't instruct them "to work on behalf of shareholders". Their duty is to the best interests of the company. In practice this may mean shareholders, although legally it's an unequivocal distinction.

As for the performance shares, the alternative is that when floated, the Pivacs receive a higher number of shares upfront and have no further tangible conditions to keep them accountable. People can debate all they like about whether the milestones have been met according to their expectations, ultimately there's a legal definition.