Downgrade, page-30

On the subject of remuneration, what I'm interested in is whether and to what extent could the CEO benefit from lowering expectations.

"Eligible to receive an annual incentive of up to 100% of base salary each calendar year, which will be issued in the form of shares in the Parent Company upon achievement of various key performance indicators.

Share issued under any incentive plan will be calculated based on the volume weighted average price for the respective calendar year to which the incentive award applies.

If the CEO's employment ceases prior to the incentive being awarded, he may forfeit his entitlements."

If the CEO bonus is based on the volume weighted average share price for the respective calendar year, what year would he be first entitled? Given he's started with less than a year to go and given that it takes time for his decisions to yield results, I'm guessing this calendar year would be the baseline year and he would be eligible for this bonus at the end of the next calendar year.

If that is the case, significantly lowering expectations (and the share price) for the rest of the year would probably make the hurdle for his bonus a lot easier when you can more easily exceed them.

I don't know the details, but just speculating here.