Have to refer to the principles embodied in the director &...

Have to refer to the principles embodied in the director & executive remuneration framework, notably:
- link rewards to shareholder value
- establish appropriate, demanding performance hurdles for variable executive remuneration
(p22 of Annual Report)

So given that it appears the cash bonuses were achieved in full I can only surmise that those demanding hurdles were met. Not sure what they were but I did not see much action in terms of results being released to us investors. Maybe the KPI is based upon how much detail is not released??
As for shareholder value I note they put the table in the Annual Report showing the constant decrease in WAP for the shares since 2007. However this really only affects those mugs like myself who paid cash for their shares. Those shareholders who were given ridiculous amounts of shares based on questionable old and new acquisition agreements have not really suffered any loss and in fact have only achieved value. So I guess in that basis the board can have their bonuses.

Then again, perhaps someone on the Board could explain how any listed entity lends cash to the entity that launched a hostile takeover bid on it and effectively dudded numerous GWR shareholders into swapping for FAS shares. The GWR Board did not support the takeover (at least in public based upon the recommendation of the independent expert) however still decide that a 10% interest return on a loan with no fixed repayment terms (Refer FAS Annual Report p30 (11)(c)). What I do not understand is why FAS manage to detail this loan information but GWR fail to disclose who they lent the money to in their Report. I also do not see how GWR can state they expect the loan to be repaid in 12 months if there are no repayment terms according to the other party????

Then again deals like this obviously assist in achieving the gousl of the Board and thus help justify the payment of bonuses.