ridiculous

Gentleman, generally I am a very lazy typist. This is the reason I tend to type only in caps. I am not short sighted and have been a holder of APZ for many years. I was on the ground floor when the company purchased the first asset being the Septimus Roe Building, in Perth CBD. I was on the ground floor wh The salaries were not justifiable in the past and I complained directly to the directors previously. The so called success in the past when measured by true objective indicators is not stunning. I am emphasising that in the next 24 months [the likely turn around time for the market] the salaries are not sustainable and the wrong team is in charge for tending to the assets in the difficult times ahead. This team did not perform well enough in the past to justify our faith in their future performance. Many of the large institutional shareholders are uncomfortable with their stake in the company. Lets do something pro-active as shareholders and get the directors to expalin on what basis they can justify the excessive salaries. Funds that instead can be better used to retire debt or be used to acquire good assets from bad operators and improve the cashflow of the company. The directors have been busy reducing staff and sacking administrative employees so as to reduce costs. Lets reduce some real costs and wipe out the excessive salary. For a company of this size with this business model the base salary should be no more than $350,000. The balance of salary i.e. bonuses, should be based on performance. A formula of increased asset values; reduction of debt; increased operating efficency;and a calculation of the real dividend return to shareholders against the NTA and the prevailing share price. Do we all want to sit in silence and not ask the tough questions? Do we all want to wait on the basis of faith and not hard numbers? Faith in fat cat directors is a recipe for disaster. Time for a new team hungry enough to perform and not an old team who are rewarded for bein ordinary.