Below is the remuneration of some of the A-Team personnel (Peter Harold's words) working for POS. My question to people in the industry is whether this remuneration is appropriate for a company like POS, given where we sit on the production / development line? We are not producing yet, have not produced for almost a decade, even though Peter Harold has been announcing FID since mid-2021. For me, it does not look like POS is close to production, no matter what Peter Harold has been saying. Hence, could people with industry knowledge tell me if these salaries are reasonable or not. If not, how much are A-Teams of other companies similar to POS paid? Is there a way to vote these sky high remunerations down at the coming AGM?
Below is my view of Peter Harold's performance as CEO of POS for 3.5 years on an average salary of circa $500k. What I did was to remove all company spin and analysed on the cold hard facts, i.e have these things been achieved or not. If not achieved, whatever the reason put out by the company, the cold hard fact is it is not achieved and therefore classified as failure.
FAILURES (list of failures too long; only important ones listed):
- Metallurgy for phase 1 not sorted.
- Power for phase 1 not secured.
- Offtake not signed.
- Accommodation not achieved.
- FID not achieved
SUCCESSES:
- All times low of sp achieved (even though Craig Jones is now CEO, he has inherited this situation from Peter Harold and I don't hold CJ responsible for the situation we are in).
I am not happy to see that Peter Harold is still involved with the company. In his 3.5 years tenure of POS, again looking solely at the cold hard facts, he has brought this company on its knees IMVHO. How can Peter Harold say that his credibility has not been damaged when he has been announcing FID numerous times since mid-2021 and FID is still nowhere in sight? Am I being unreasonable here? Do other SHs see value in having Peter Harold still associated with our company? I thought he would be a crack CEO on this kind of salary but he has been anything but IMVHO.
I feel that these remunerations are super high for a company like POS and we SHs need to find a way to vote this down at the next AGM. I am not talking about keeping the salaries at the same level but want to see a substantial decrease in salaries to bring them in line with what I see as really poor performance by the A-Team IMVHO.
If I have been unfair in my analysis, I apologize to whoever I might have offended as my aim is not to offend anyone but simply state in a truthful manner how I see the performance of our management team and specially our CEO. However, I have tried my best to be as factual as possible. As can clearly be seen, it is very difficult to control your emotions when you are talking about one person in particular who has promised so much but has failed to deliver in such a spectacular manner. I hope I have not been unfair to Peter Harold. I was simply trying to express my views on matters fairly. Whilst some of my words might be a bit hurtful to Peter Harold, the truth about his performance as CEO is reflected in our current sp and hurting us financially in unimaginable proportions
Please SHs, I would really appreciate your ideas on how we can get resolutions on management salaries and other cost cutting proposals through at the upcoming AGM.
What is your thoughts on BS phase 1? Still proceeding if metallurgy turn out to be as per BFS assumptions? Or are we moving straight to Phase 2 if payability is ok? Phase 2 will be require a much simplified flowsheet IMVHO, will be churning out more nickel at a lower AISC. But I fear they are still many studies away from phase 2 BFS??????
(20min delay)