If they are on half salaries then why aren't they pointing this out clearly to the market?
In fact checking this claim (as it sounds like something Trump would say) I was looking at the annual report. I had not realised the Managing Director is also an Executive Director of AEB!
Very poor corporate governance (yes just another point on poor corporate governance at AEB) having the MD also as chairman of the board of directors! Also poor of time given his other duties as chairman of Anova Metals Ltd, non-executive director of Vimy Resources as well as principal of MRJ Advisors! No wonder their research on regulatory timeframes appears to have consisted solely of checking a website!
Back to the half salaries, whilst Mr Hatfull as Managing Director temporarily agreed to go on half salary from April 2017 to conserve cash however it is not clear if that is still the case once he resigned as MD in November 2017. Also, he is/was not technically on half salary as he still continued to be entitled to 100% salary, just with 50% paid as it was "earned" and the other 50% continuing to accrue, so just becomes another debt the company owes.
Mr James, according to the report, is on full salary of US$360k per annum with no mention of any half pay.
Mr McConchie as Executive Director on a salary of US$360k per annum is temporarily forgoing 44% (so is still getting paid cash of more than half) of his salary from April 2017 to conserve cash, but is still continuing to accrue that 44% as a debt owed to him by the company.
Result: Misleading Only one executive is/was on half pay
AEB Price at posting:
0.9¢ Sentiment: Sell Disclosure: Not Held
