outragous directors remuneration

I am reading my CWG Annual Report in total disbelief. The directors intend to issue themselves options representing nearly 10% of the company. Not only that, they are well in the money! What a great incentive to perform.

I've done a rough Black- Scholes and come up with a value well in excess of $200k. Add the $268k in consulting fees the board has paid themselves and you get a figue of around $500k they have paid themselves over 2 years in a company with a market cap of only $1.7m.

The so called explanatory statement fails to set out the terms of the options, there is no mention of vesting date or expiry date (even though it says it should).

2 of the directors have been on the board for 24 years and have expertly steered the company to its huge market cap of $1.7m!!