Executive Remuneration, page-2

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Monny

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14/03/18

20:37

Post #: 31758421
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Originally posted by volf ↑

Hi All,

Can anyone explain to me why it takes this many key management personnel costing the company $1.8m per year (excluding incentives) to run a $22m company selling very simple products and services:

- Managing Director $366k
- Finance Director $319k
- GM of Sales & Marketing $308k
- GM of Operations $218k
- GM of Titan Technologies $243k
- Non-executive Chairman $137k
- 3 x Non Executive Directors $72k each

What’s even worse, is that none of the above have any meaningful shareholding with the largest holding by a KMP being ~61,000 shares equivalent to ~$120,000.

This is the highest paid team, with the lowest level share holdings, I have seen for a company of this size. They would no doubt steer this ship into irrelevancy and collect a very handsome reward for it!

Once again they are free cash flow negative this quarter, even after cutting back on capital expenditure (which will no doubt be required further down the line) to make things look better. What’s worse is that they have deemed it reasonable to pay out a $550k dividend when they’re cash flow negative…

The share register looks very fragmented and the results of the prior year’s AGM was a resounding endorsement of the remuneration plan. Who is supporting the key management?

This is such a pity. Companies this size can have their profitability materially impacted by key management remuneration.

Thoughts and further whining welcome.

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An unfortunate reflection of appalling stewardship by a board living off 'the good old times' of years gone by (and themselves remunerated an exorbitant amount for such a small company).

All to often seen these days. Boards full of promoted mates scratching each other's backs and quite simply not driving or challenging their enterprise or its management.

KOV Price at posting: $2.02 Sentiment: Sell Disclosure: Not Held
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Executive Remuneration, page-2

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