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I have just been re-reading the management info relating to the Resolutions. The explanatory notes relating to last year's AGM are interesting and worth a quick look, as are the guidance notes concerning the code of practice and which of the Resolutions are advisory only.
We will not receive the required 80% for some of the advisory Resolutions, which the board will, in effect, ignore. (they have to provide an explanation next year, which I find a bit strange)
One thing sticks out and that's Fawzi's remuneration. I hadn't realised he's paid $450k p.a, which I find utterly extraordinary. If we could vote for each individuals remuneration, he most certainly wouldn't get mine. Bear in mind our new CEO is only earning $200k.
Fawzi is getting $450k a year? What the actual? That's ridiculous.
There's no way Fawzi can be paid $450k for Investor relations role. That's mental. That's CEO level of pay not mid management. Never mind board director level.
You must have got that wrong. $45k more like it. If it is $450k, then he needs to take a salary cut pronto as SOLG need to slim down as per recent RNS on conserving costs going forward.
$450k. for IR?? Must be a mistake.
Base salary is £255,810
Then a incentive plan plus pension brings him up to 450 k
2021 base salary was 165k
No wonder they are in no rush to do anything here
Lifestyle company.
The same incentive scheme that delivered $1.1m to DC. Given the sp performance it makes you wonder what they would have been paid had the company performed well.
And yes, Fort, it's true.
So Fawzi managed to negotiate a 50% increase in his base salary from 2021 to 2022? (As per Kohaku's post).
Nice work if you can get it. I'm sure he's been extremely busy over the last few weeks speaking to various investors to shore up support for the BoD. Time for him to earn that crust.
as long as you can get those salaries, you would hope no one bids for this dog.
You could also argue that the salary is not a problem if you’re only going to have to pay it for a couple of months ….
jajaj
Maybe I'm being naive but how do you even measure performance for incentive bonuses for the IR function? It's not like he has a pnl number or is responsible for delivering key business milestones on the exploration projects. And frankly this year the relations with investors haven't exactly been great have they. PIs are even more in the dark than usual and barely have a clue what's going on. Institutional investors were unhappy and the company failed to get a proposed equity raise done in the summer, with multiple execs resigning. Berry Street wrote another open letter criticising the company. Proxy advisers are currently advising against supporting the election of certain investors. I realise a lot of this needs to be seen within the framework of a complete 180 on strategy but that's down to the board, in what way has IR driven that other than acting as an intermediary between board and investors, which frankly is the basics of the job anyway.
Absolutely, rcgl.
This level of remuneration is shocking. I'd be quite surprised if a FTSE 100 IR person gets this amount. And in combination with DC's booty it makes it look as if remuneration is out of control...or rather, was out of control.
Sorry, Fawzi...you're probably a good bloke and are doing your job well, but you're being wildly over-rewarded. This incentive scheme is obviously too generous and needs to be revisited by the board. A question for the AGM?
Berry Street Co is onto something. I also did NOT vote FOR all the proposed resolutions. You would be nuts to. Look at the share price now and how this company has been run over the past 4-5 years. 16p vs 46p (2017). Thank god the Canadians are running the show now. NM is a cowboy, who has looted us small shareholders. Time and money lost. Vote smart!
Well at least you're consistent Bob...
Vote against all resolutions...BHP and NCM appoint a Director each...SOLG gers sold off cheap...
Good luck with your decisions...
I hate to say it but with Nick being so self determined he is also the best person to get a decent price for SOKG. Then you wont have to post here anymore...
Bob , the Canadians are asking us to vote for all resolutions :-s
Berry Street are supporting SOLG as per their statement last week… hopefully they are onto something.
What exactly are they 'onto'??
What % do Berry Street own?? My guess is less than 2%.
They, like the rest of us are sensible enough to realise that self preservation starts and ends with protecting your company against low ball and underhand tactics by would be predators such as BHP and NCM.
It's not rocket science... in short... we don't have a choice!
Just want to clear this up. Hopefully no one cares, however Im voting Against Ordinary Resolution # 2, Abstain from #4, #6 & #8. And FOR all other resolutions. I just want to send a message to the board that the small PIs aren't impressed with the current share price and for the $h-it show that has been the past 5 years. French translation my @rse.
Dont stress, all will be passed. Redknight1 rates himself as a demigod. Keep fingering yourself over "MMs bidding for (x)k and firm bids for (x) shares. Go enjoy life, outside of watching 1p moves.
Have fun ladies. 2023 surely will be a good year.
I'm sure the Board will scour the voting to see which way Bob Muckle has voted and then shet themselves...
Thanks for your passing visit...
See you in the New year...or probably not if we're bouht...
You too Bob, try not to shoot your other foot before the 25th so you can still hop about over Xmas.
Oh well Bob you know best ,think we should all follow your opinions ,anyway I'll stick with mine till payday here ,ooh and I've got five fingers to play with merry Xmas
Five fingers doesn’t make sense. Count again. It’s all fun and games. I’m hoping NMs free lunch, so to speak, will come to an end soon. Bring on the takeover battle, inshallah.
Fellow Solgers, how do we access the AGM tomorrow? Thank you for the help!