REDFLOW PARTNERS, page-16

Ok, let's assume for the sake of argument, that the current board/management are overpaid and underperforming. What can we do about it?

One possibility is to whinge here, but that is unlikely to achieve anything.

Another is to organise for the next AGM.

* Voting down the remuneration report is a clear signal to the board that shareholders are unhappy and they need to smarten up their game. If it is voted down twice, iirc there is a spill of the board and a new board must be selected. Directors would not like this as it would cripple their chances of other board appointments. Even just a strong vote against it should be sufficient to make them pay attention.

* Vote against board-recommended appointments. Then they would have to find new blood.

Alternatively, a special general meeting could be requested with a motion to be voted on. The motion could be something like a spill of the board.

For this to be done would require contacting all shareholders to state the case. I suspect only a small minority are here. So some organisational skills are required, together with legal expertise to make sure it was done right.

We already know some large shareholders are unhappy as they organised the Hunter Jiang proposal. There may be others. Together it could make a significant bloc.