Just posted this in the General Forum. IMO very relevant to...

Just posted this in the General Forum. IMO very relevant to PEN's current situation:

How is it possible that the 'Independent' Non-Executive Directors that make up the Remuneration Committee that decide whether Executive Directors Salaries are fair and reasonable are also Executive Directors of other Publicly Listed companies?

Isn't it in the best interest of these so called 'independent' Non-Executive Directors to approve any exhorbitant salary increases so that the chances that their own salaries in the companies for which they are Executive Directors of will also get approved because it's 'what everyone else is getting?!?!?'.

Isn't it also convenient that the Chairman of the Australian Securities and Investments Commission is also a DIRECTOR of a Publicly Listed Company and ASIC and other Industry Leaders, who are also most likely Directors of Publicly Listed Companies, were most likely the ones that came up with the rule that all companies needed an 'Independent' Remuneration Committee made up of...Yup...Directors!!!.

So now shareholders not only have to pay huge sums of their hard earned invested money to Executive Directors but also to Non Executive Directors who somehow almost always never seem to have a problem with Directors salaries increasing anywhere from 30% to 100% every year irrespective of whether a company is doing well or not.

Hmm...something fishy going on here...