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Joatmon

158 Posts.

01/05/16

15:55

Post #: 17645537
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Originally posted by Joatmon ↑

The much delayed cuts at Oilex are way behind what other oil companies have already done. The cuts in head count in Perth are welcomed (those in the field in India less so).

The paltry 10% cut in directors salaries is not good enough. For example the Oil company I work for has already had two rounds of head count cuts and a 20% reduction in pay for those who keep their jobs, fewer perks and economy flights for all (even Gazprom the largest Oil company in the world flies economy now managers and directors here in Iraq). BP Iraq has reduced salaries much more agressively than Oilex etc.

The Oilex directors and especially the chairman should have cuts of at least 30% - 50% what has the chairman done for the last 5 years to benefit the shareholders he is the invisible man?

These minor cuts in directors salaries indicate the board is more concerned with their own situation than the poor state of the company.
‘A people that values its privileges above its principles will soon lose both.’

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OEX Price at posting: 1.4¢ Sentiment: Hold Disclosure: Held
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