rays second bite, page-5

The admin costs are atrocious already, and paying more for a hand selected board member is not going to improve corporate governance at all. Stephen Barry, who is the current chairman, has been with the company since 1993. I have little confidence that a truly independent directory will be appointed.

If they want some cash for a good board candidate, put forward their name and the cash at the same time. Don't ask for a blank cheque, especially given past shenanigans. I will vote against it until they put forward a convincing plan describing how they plan to put in place an effective board that can regulate upper management, if and when needed, rather than a board with close links to upper management. If BPT take a strategic investment, it would be nice to have one of their directors on our board. What are the chances of that?


Further, for someone who has yet to prove any 2P reserves, RJ is wayyyyyyyyy overpaid.