Iam a bit confused as to how the directors might ask for a performance bonus and how they could justify said bonus. Is it part of any employment contract? Is it allowable under ASX rules and or US laws?Does it need egm with majority sh agreement? How can it be justified to asic given that directors charter is to extract best value for sh ;and given two of directors do not hold shares in our coy, how could a belated grab for director bonus be in the best interest of we ;the shareholders ? Does any body have contact with former directors of Fosters and IXL as they also would have grappled with the moral dilemma of management rewards versus shareholder value ?.It would be worth the time to go to egm to watch the rationalisers perform on value reduction of all shareholders. All hypothetical of course ,but in view of the serious wealth hazard that may be about to unfold , shareholders should be focused on which way they will vote on director bonus,if it occurs; and send a strong message that they will not be a party to any breach of rules on director /shareholder responsibilities
MAE Price at posting:
23.0¢ Sentiment: ST Buy Disclosure: Held