At the moment we have 4 non-executive directors. Antonio Varano, Steve Schapera, Cameron Reynolds and Christopher Quirk.
Resolution 5 seeks to increase their combined fees from $250.000 to $400.000 so if split evenly it would mean a $37.500 rise in fees. Effective as of 31st of 1st July 2018 should it be voted in.
The reasoning behind this? Expected increase in work load through 2018-2019.
So now the conversation begins. It would seem rather delicate for both parties in regards to this resolution.
From the directors perspective (speculation of course):
- Hard work has been undertaken to lay new foundations, but we have so much more to patch up and the re-negotiations require more time and resources than expected.
From the shareholders perspective:
- We have no indication of any significant progress as its 90% talk at the moment so until we see cold hard evidence and an appreciating share price a pay rise is a bit rich at this point in time.
I'm sure all on here don't want to soil our place of rest as the board is fresh but at the same time you can't expect shareholders to to blindly vote in favour of this resolution without first seeing a real appreciation in the share price. If we set new highs then I for one will be more than happy to see management get their fair slice of the pie.
OBJ Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
(20min delay)