jayinaussie >>It will be requested he hands over his resignation at the AGM<<
Suggest you do the staff work here and have a typed letter of resignation ready to hand to Dykes for him to sign and hand to the Chairman at the meeting.
----------------------------------- 30 November 2009
I, Peter James Dykes, hereby tender my resignation as CFO and director of Nexbis Limited with effect immediately.
Signed Peter James Dykes -------------------------------------
jayinaussie >>agree with the renumeration being now primarily connected to performance. A+ for the CEO changing this policy<<
Hold your horses for a moment jayinaussie !
On pg. 22 in the presentation it states that the ‘NEW CEO’ removed guarantee minimum bonus structure.
First of all. This company has not appointed a NEW CEO recently. The company appointed a new Chairman. My take is that they stuffed this in the presentation ! You can also read into this that Johann the CEO is in charge and the Chairman is just a figure head.
Next: jayinaussie “agree with the renumeration being now primarily connected to performance. A+ for the CEO changing this policy”
In view of who are really pushing the pens around, think about who will be settling the performance targets ? Answer, those who will benefit from the performance bonus scheme!
In Nexbis the performance targets should be align with shareholder interest. Base the targets on NBS share price performance.
Any targets could start with the past 52-week sp high as the basis for calculating performance – 57c sounds like a good number to start with. (17. Aug. 2009 high for the day) 1st tier – +50% sp increase = 85.5c - release 25% of bonus pool 2nd tier - +75% sp increase = $1.00 – release 25% of bonus pool 3rd tier - +100% sp increase =$1.15 – release 50% of bonus pool
The bonus will be release only if the VWAP over 15 consecutive trading days stays above the set targets. Share consolidation etc will be taking into account. The bonus scheme will lapse 12 months from commencement or by the date of the 2010 AGM whichever comes first.
jayinaussie >> this made me swing my vote for his re-election and renumeration package.<<
Cool it - The CEO is not up for election The Chairman is. Peter Dykes is. >>>>>> VOTE DYKES OUT
Consider the events earlier this year and ask yourself if you think Peter James Dykes is a ‘FIT and PROPER person’ to be a director of Nexbis ?
NBS Price at posting:
21.7¢ Sentiment: None Disclosure: Held
(20min delay)