Ann: RIU Sydney Resources Round-Up Presentation - May 18, page-46

Had problems with uploads earlier so came up with these pdf's and posting all at one hit. Not too well put together but put them up.

Just did a mini survey of remuneration for a small selection of companies some of which were part of my overall expenditures table of a few days ago. Board structures vary enough that direct correlations are difficult.
AZS
Interesting to see that the 2016 annual for TR was chosen rather than 2017.
The options have probably expired valueless. That should be a wake up call to make the receivers work harder if they want the good life.
The cash salaries for Board members have not increased annually from about 2012.
WM seems to have received an excessive amount of SGC since 2015 over and above legislated levels.
Not many companies in my quick and dirty survey seem to have been as generous with cash performance bonuses at AZS.
These are basically observations I don't know the whys.
AZS remunerations from annual reports:


Comparison with a small selection of companies

TR is probably in the upper quartile of cash remuneration compared to other companies in this limited survey. Bonuses put him just below the top to XAM in 2017.
AVZ cash appears low in 2016 but there were around $2.5M worth of options issued which are probably in the money as distinct to AZS options.
PLS has a large board and many members have significant cash components that exceed AZS's total. Perhaps not fair to compare a much higher market cap company near production to AZS.
WCN 2 member board against whom some HC posters have made similar comments about life style as with AZS.
CZL an AZS Mexican look alike come in a touch below at the MD but higher with others.
ARV surprised me as it appears they may be running on the smell of an oily rag for staffing cash costs.
CDV and XAM have larger boards and probably higher overall remuneration than AZS.

In summary AZS are high for remuneration but NOT at the top from this small survey. AZS cash has been frozen since 2011/2 when it was already at a very high level. Bonuses to AZS probably relate to Cascada/Rio entry/Alacran+MDP&Lb/Acquisition Opasura&SA which are reasonable IMO if a little high.

Will be interesting to see Mossberg's proposal.