Loss of Shareholder Value, page-8

I should add that on the matter of remuneration and the awarding of performance shares or options of course the KMP or BOD or even related parties cannot vote on the remuneration so 25% of external shareholders do have the ability to create a spill motion if they so desire - so it appears that at this stage another 15% of holders need to want the change which you advocate. I have been a holder of CLH, CCP and PNC over time. I got out of CLH when I could see that their modelling was of a similar nature to PNCs and I was already a victim to PNCs downfall for sticking to their modelling despite the tightening of the regulations. I was greatful for the quick turnaround by CCP and the media and analyst support to deny the attempt to attack their valuations and modelling at the time. I do not blame the execs and BOD for getting out not long after as the business model was under attack from the regulators and many changes were required by the incoming BOD and key staff. To some extent the regulators are still after the industry despite the fact that they are trying to work with them. The fact is that if people do not want to pay these days you cannot make them. Litigation is discouraged and the system will not allow it unless it is a matter of dispute and not just a refusal to pay. Bankruptcy is also discouraged and the only means now left to encourage payment is to ensure that nonpayers are unable to gain further credit by affecting their recorded credit ratings. Not a very easy game to be in as an employee.