why does alumina management cost so much

Overtime I have read comments that, as Alumina Limited is only a dividend post box why is Alumina Management paid so much?

IMO. A Company that is worth nearly $3B and pays out $18M in costs (salaries, running costs and other expenses) or 0.6% is a pretty well run business and borders on what a Managed Fund would charge its client.

However a Managed Fund would not have to intricately understand the decision making of a partner who holds 60% of the assets, manages the day to day business and runs businesses that are downstream.

The risk for Alumina Shareholders is not the 0.6% but that we have a quality Board and Management that ensures that its partner does not manipulate profits in its favour or put risks on the AWAC JV that should be Alcoa's only or have not been agreed to.

A constant battle that is cheaper to be waged by Alcoa than undertaking a takeover.

The stronger the Alumina Limited Board and Management is the better for us shareholders.