Director Salaries, page-54

Hi Trommel,

I trust you are well.

You seem deeply concerned about the remuneration of KNL directors. I think we both know that you are being disingenuous about the share based payments to KNL directors, but I’ll play along anyway.

Based on the figures published in the Annual Reports of MNS and KNL, and for purposes of this exercise, we will go with your figures quoted above of $1.44m (MNS) and $2.82m (KNL), so close enough to double. We both know that this is not the real “cost” but let’s pretend that it is and continue to play this game.

What are shareholders of MNS and KNL getting in return for the payments made to their Company’s respective directors, I hear you ask. Great question, Trommel.

As of today, if I had invested $100,000 in both MNS and KNL exactly one year ago, the value of my investments would be (see below):

My $100,000 investment in MNS one year ago would be worth ~$61,400 today



My $100,000 investment in KNL one year ago would be worth ~$117,600 today



Conclusion: Based on the last 12 months, looking at both director payments and share price performance, both KNL directors and shareholders are better off than MNS directors and shareholders.

FWIW I agree that some KNL directors are overpaid. I will raise this issue at the AGM.