Extract of Gina's love letter to Roger the Dodger:"...The...

Extract of Gina's love letter to Roger the Dodger:

"...The milestone we propose is that the Fairfax Media weighted average trade share price increase from current levels to 87 cents per share prior to the (annual general meeting), which would represent only a 50 per cent loss from the commencement of your chairmanship in October 2009.

"To limit the loss under your chairmanship to 50 per cent is not an unreasonable expectation, although perhaps shareholders would prefer a higher milestone target?

"Shareholders should at the very least be advised what the loss target is and be assured that should you not meet that target there would be light at the end of the tunnel. And if the five-year decline in paid circulation and in revenue of the Fairfax mastheads do not reverse prior to the 2012 AGM, we ask that you tender your resignation at that meeting."

"Where we have differed most profoundly is not over the charter of editorial independence, contrary to much Fairfax reporting, but over how to save a business that is reportedly in danger of dying."

No skin in the game

Mrs Rinehart also repeated her concerns that existing board members, particularly Mr Corbett, did not have enough of their own money at risk in the shareholdings in the company.

"Roger, although you are only a 0.004 per cent shareholder, you have extraordinary power as chairman, derived from the Fairfax Media Board Governance Principles (FMBGP) you insisted that I comply with. That power includes being able to prevent directors from receiving professional advice (FMBGP point 7) and prevent directors from being able to discuss Fairfax Media matters with senior Fairfax executives or others (FMBGP point 5). While this restriction applies to directors, it does not apply to you.

"Given this special opportunity to lead the company, it is entirely reasonable that the chairman shares with the suffering shareholders his performance milestones for Fairfax Media and the consequences of not meeting them prior to the 2012 (annual meeting)."