http://www.ectltd.com.au/wp-content/uploads/121012-Annual-Report-2012-s.pdf
When preparing to vote, I decided to research the 2012 Annual Report yet again.
Have a look at the 2012 Annual Report page 23.
S Carter 47,162 163,000 210,162
M Davies 6,430 351,856 358,286
"consultancy fees" are in bold.
One non-executive director was paid MORE than full time key man Ashley...and another director was paid close on double Ashley. Outrageous. The "consultancy fee" spree of the past must never be repeated, after all ECT is a microcap attempting to commercialise/introduce a new tech to a new industry with NO prospects for income in the near future.
Browsing over last years figures - we do wonder about the Travel and Accommodation expenses as well - $264,320!
Page 31
Travel and Accommodation (264,320)
That's $5083 for EVERY single week of the year. Sure some of that is overseas costs and no doubt justifiable - but that's a huge figure for a tiny coy like ECT.
It was encouraging to see Glenn F appointed and soon after some much needed discipline was introduced by the "Resolution 3 – Approval of Non-Executive Directors’ Remuneration Policy".
I would encourage all shareholders to peruse the Non-Executive Directors Remuneration Policy set out on page 9 of the July 23 NOTICE OF GENERAL MEETING. It calls upon directors to justify any additional claims for consultancy fees over the directors fees approved by shareholders. It also imposes the discipline of reporting to a Board Meeting.
The importance of the above cannot be overstated.
Its a step in the right direction by the ECT Board. Hopefully just a beginning. The coming Annual Report ~ Oct will be interesting reading!
Being a small company, ECT must rein in costs in all directions asap - starting at the Top via "consultancy fees".
__________________________________________
The Aug 23 GM is closing in. Have you all voted yet...? We believe its important for all - small/large s/holders to support these resolutions.
"Proxy forms (and any Power of Attorney under which it is signed) must be received by Security Transfer Registrars Pty Ltd no later than 10.00am (Melbourne time) on Wednesday 21 August 2013, being 48 hours before the time for holding the Meeting. Any Proxy form received after that time will not be valid for the scheduled meeting ."
Its very obvious that being "construction ready end Aug" was/is hinging on having those relevant Arup Bond resolutions voted in.
After careful consideration, we are voting "YES" for all resolutions.
tick tock...
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