Shareholders have a right to comment on Directors Remuneration Packages. Given DRG have a Market Cap of only $1.12m I would have thought paying $90,000 pa to the Chairman & $49,783 for a director to be excessive. There are ASX directors who only receive $20,000 pa. DRG is not in a position to be paying these type directors fees & plenty of boards have slashed their directors fees to help save money for a company. DRG is facing difficult times & the board should be conscious of all costs/outgoings & lead by example. DRG is effectively a shell like SYR was a few years ago. With the right project & management at least shareholders would have a chance to recover some of their investment. We can't blame the past, we need a way forward given the current circumstances & the company's future may not be in coal or with the current board of directors. I think there will be plenty of shareholders vote against the remuneration resolution & also against the re-election of the current directors just out of frustration with the lack of direction the company is taking.
Voting against the remuneration package sends a message to the board shareholders are not happy with the current situation.
Regards
Buffett
PS I for one will be voting against the remuneration package & hopefully other HC shareholders will do the same.
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