Argo Blockchai. Share Price (ARB)

Avg fees v reward currently sitting at 39.9% at time of writing. It's bumped the hash price up nicely....are miners away to finally get a period of stronger earnings? 🤞

It's actually what we already knew pretty much anyway although the table has a weird format. Having gone over it a couple of times this is all it means:

Chippas has a yearly salary of $400k. On top of this there are performance related bonuses that can either be 50%, i.e $200k per year or 100%, $400k. Finally, which is where the vast bulk potentially comes from, is the 2.85m ADR shares that were issued upon his appointment, with one third vesting each November (2024, 2025 & 2026).

And then to get to those numbers it's assumed that the share price is 50% higher from data of grant i.e ~$1.85 per ADR share.

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Still, $400k a year for a cash strapped company with up to $400k in bonuses (with 'targets' being met decided by those two on the remuneration committee) + a huge amount to be made if Argo is still in business each November (with a half decent share price in tact) seems excessive.

Had a quick look at policy. A bit wooly and seems that pay is largely determined by the Remuneration Committee - which is 2 directors. Think they are perhaps marking their own homework? A+'s all round.

Maria Perrella (Chair of the Audit and Remuneration Committees)

Raghav Chopra (Member of the Audit and Remuneration Committees)

"The Remuneration Committee consists of myself, as Chair, and Raghav Chopra as member"

If you fancy some bedtime reading the remuneration policy that was voted on is here (I don't know why they've uploaded the same document 10 times) https://argoblockchain.com/investors/stock-information/annual-general-meetings

It was set to apply for next 3 years so looks like they'll have to go back to drawing board. Table illustrating CEO's max pay (inc shares if targets hit) of $6m+ presumably a big factor behind the shareholder rebellion.

HC - I don’t know the details of the resolutions they were voting on and just assumed they related to payments yet to be made.

If it is past awards though then like you I’m not sure what happens next as Corporate Governance is not an area I’m that familiar with - certainly on this particular sort of thing.