Ann: Annual financial statements, page-4

This is the unforeseen result of the vote against the remuneration resolution on  the 25th Nov 2011.

Response to Remuneration Vote
A “no” vote of greater than 25% was recorded against the adoption of the 2011 Remuneration Report at the Company’s annual general meeting held on 25 November 2011. In response, the Directors conducted a review of director compensation arrangements in light of changing market conditions, shareholder expectations and the requirement to reduce corporate costs.  
Yes, IRL management took a cut in Director fees at the time but have doubled up on Consultancy Fees where there is no need for accountability.
IRL management (ie the little boys club)  now pay themselves extra via the backdoor. ie Consultancy fees.
Its about time that IRL shareholders start looking far closer at how the company is being managed and Vote accordingly.

To cover this loss of income via the cut in Director fees, IRL Director were granted extra shares.
Arvind Misra 25 million
Andrew Simpson 9 million
David Humann 11 million
Share-based compensation
Directors, employees and consultants may be eligible to participate in equity based compensation schemes. An employee share option scheme has been adopted by the Board of the Company.

I wonder what Arvind Misra did to earn the extra in consulting and contract services of $166,480 on top of the current consulting fee payable to Aranak Pty Ltd of $400,000. ???????????

I wonder what Andrew Simpson did to earn extra fees of $72,623 on top of his director fee of $65,700 ????????

I wonder what David Humann did to earn $11,990 on top of his Director fee of $43,600 ?????????

Poor David Humann missed out this year, last year he got $71,941 in extra fees outside his Director remuneration

There is absolutely no accountability for these outrageous fees.

Is this a childrens garden party or a ASX listed mining company??????

If IRL Directors actually accomplished something you'd give them some slack, but with a mine closed and no extra projects started then this is just bleeding the company dry. Maybe that is their intention.