What is reasonable CEO remuneration?, page-21

Thanks, Deet for the quick response, however, you did not answer question 2.

Which was:
2/ Considering the ongoing perilous state of the companies finances why has he not taken half his pay in shares to ease the situation and as a show of his conviction in this company?
After all, he is happy to give plenty of shares to Magna at profitable discounts to ensure cash is available for his pay packet. What is wrong with taking AVQ shares?

Re your response:
What he paid for his relatively small shareholding is irrelevant to this question.
You forgot to mention the bulk of his shares he sold at higher levels.

Without stirring I would like to know why he would not accept shares as part of his remuneration to conserve capital and as a show of conviction in AVQ.