Unlikely to be much change until governance of SLR improves -...

Unlikely to be much change until governance of SLR improves - would be great to see them doing something for shareholders rather than giving themselves a 36% rise when comparing themselves to a peer group of:

Evolution Mining Ltd; Medusa Mining Ltd; OceanaGold Corporation; Doray Minerals Ltd; Northern Star Resources Ltd; Ramelius Resources Ltd; Kingsgate Consolidated Ltd; Gold Road Resources Ltd; Regis Resources Ltd; Independence Group NL; St Barbara Ltd; Saracen Mineral Holdings Ltd and Tanami Gold NL.

which is roughly 5 times their market cap; annual report (pg 34).

Notice also that executive remuneration hurdles (pg 37) are:

* achieving OH&S objectives;
* achieving environmental objectives;
* meeting FY2017 sales guidance;
* 16% increase in cash flow from operations;
* exceeding the targeted end of year cash and bullion balance;
* successful targeted and phased exploration strategy;
* successful development of both the Maxwells underground mine and the Imperial/Majestic open pits;
* implementing and managing a transparent, effective hedging strategy to secure future revenue streams;
* delivery of positive exploration results from infill and extensional resource definition drilling to allow further mines to enter production in future periods; and
* crystallising value from non-core assets including the sale of the Murchison and Great Southern projects.

In Charlie Munger's words "Show me the incentive and I'll show you the outcome” - no mention of TSR (-8.7%), NPAT ($2m), RoE (1%) & Dividend ($0). The hurdles were not "stretch" targets.