Ann: Notice of Annual General Meeting/Proxy Form, page-17

I am all for providing incentives but my main issue is with the lack of transparency. Even some general description of the criteria used would be useful to inform shareholders whoa re being asked to vote.

An ideal scenario would be for all employees to be provided a reasonable level of remuneration and greater rewards linked to measurable KPIs (financial and operational). However, we have seen substantial increases in the base salaries of our top executives. Is this flowing through to the lower level employees.

My personal view is that the top executives have to set an example in terms of their remuneration. You cannot have a situation where you are partly remunerating everyone else based on their performance against the KPIs (whatever they are) while the majority or all of your own remuneration is pretty much fixed.