Ann: Watpac Limited Full Year Results - Press Rel, page-4

re: Ann: Watpac Limited Full Year Results - P... The strategy for new management coming in to a company is to "clear the decks" . . . code for reducing the hurdle for future inventive bonuses for the new management team. Not too hard to see through this, yet it is common in many companies. Such large write downs should in part be drawn from the bonuses from the previous management team. Management compensation packages should include a provision that any "Golden handshakes" shall be subject to the same "write-downs" of any assets by the incoming management team. This might give a bit of balance in such judgements.