Directors want a big fat pay rise

Everyone notice this in the AGM announcement today:

Increase in Non-Executive Directors' Fees
To consider and, if thought fit, to pass with or without amendment, the following resolution as an
ordinary resolution:
"That, pursuant to and in accordance with Listing Rule 10.17 and for all other purposes, the maximum
aggregate non-executive Directors' fees payable to Directors be increased from $200,000 per annum to
$300,000 per annum."

Apparently it's been 10 years since the directors had a pay rise. But looking at the share price performance in that 10 years, and in particular the downward spiral in the past few years, it's hard to make a case for such a massive increase right at the moment. At a time when funding is so tight this seems an outrageous move by the company. I will be voting it down and I certainly hope enough other shareholders do likewise. A serious mis-step from the new management team in my view.

Now, were they to take a smaller pay rise in stock or options, I'd be right behind that. At least it would show some faith in their own value and tie the share price performance to their remuneration.