The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
I just totted up what the current BOD have taken out of the company.
SO- appointed Jan 2018
£948,000 salary and bonus
£69,995 spent on buying shares and supporting EOG
7.5% of money taken out of company
BO'C
appointed Jan 2018
£174,000 salary
£27,500 spent on buying shares and supporting EOG
15.8% of money taken out of company
SW
appointed March 2020
£95,000 salary
not sure of cost but meagre 141,000 shares in EOG
Of course they also still own those shares so they haven't lost that money yet!
It is unreal that the remuneration committee which includes BOC as chairman and SW are allowing this level of greed and robbery. I assume they are the ones setting these absurd salaries
Well he did once say he wasn't paid enough!
PB brought the original Irish assets into the portfolio and I think he is more than capable of speaking to the Irish government. He understands the situation.
Well there is no reason if it is a good asset that a new team couldn't manage it. I dont think the intention is to throw the baby out with the bathwater but ensure that costs are reduced, would help pay for the development if it is worth pursuing.
I think there are 2 things. WH's remuneration is over £300,000. That is just excessive. There will be no incentive to look at mergers or trade sale with that kind of salary.
I think VernetLes suggested that you need a 3rd party to come in to Serenity/Tain, again not control of own destiny. I also have to ask if a Repsol/Sinopec thought it wasn't worth it at $100/bbl, than that says something. As for new assets, I think it all depends on how good they are. Clearly Serenity was not.
The BOD should have listened, SO no doubt got 30,000 tax free and the rest. The problem is the level of salaries all around. The two new executive salaries are disproportionate as shown by GreyPanther's post. They will never vote themselves a pay cut. The remuneration committee took no notice
After last years AGM written by Daily Mail on Sunday
CITY WHISPERS: Shareholders take aim at oil firm's whole board - AIM-listed Europa Oil & Gas leaves annual meeting with a bloody nose
By FRANCESCA WASHTELL, FINANCIAL MAIL ON SUNDAY
UPDATED: 21:50, 10 December 2022
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Shareholder rebellions have been all too common this year.
Most of the time investors' ire is targeted at bumper pay packets, as in the recent revolts at Ocado, Marks & Spencer and Kier Group.
But AIM-listed Europa Oil & Gas, a £9million UK and North Sea energy group, last week left its annual meeting with a bloody nose after shareholders rebelled against all five members of its board.
All at sea: Europa Oil & Gas left its annual meeting with a bloody nose after shareholders rebelled against all five members of its board +2
All at sea: Europa Oil & Gas left its annual meeting with a bloody nose after shareholders rebelled against all five members of its board
A third of votes cast pushed back against chief executive Simon Oddie.
More than 26 per cent were against chairman Brian O'Cathain. It follows a disappointing result in October from a well drilled in the North Sea.
This halved Europa's share price. It is now trading close to a penny stock – far from the 3.55p it hit in February.
Only a minority of votes were cast – which is hardly an endorsement of the company's engagement with shareholders in itself.
Still, if it was on the main market, that would be enough to get it on the Investment Association's AGM naughty list.
Just going to post a few paragraphs from the recent annual report. I think they are living in an alternative universe.
Experienced team
Europa is led by a highly experienced Board and management team with extensive knowledge of the oil and
gas sector and a proven track record of project monetisation, focused on generating substantial shareholder
value.
The board of directors is collectively responsible for the Company’s strategy, which is to develop significant
value accretive opportunities across a balanced portfolio of energy assets while minimising risk to
shareholders.
The board of directors confirm that during the last year under review it acted in accordance with section
172 (1) of the 2006 Companies Act, which requires the Board to promote the long-term success of the
Company for the benefit of shareholders.
It is sad for shareholders that they actually had the nerve to write those paragraphs.
One thing is for sure, nothing will change with the current BOD which have been on the board since 2018.
It looks like we have at at least 10% of votes, and that is only in one day, so now we can put a plan in to action.
First is to reduce the BOD, there is no reason a company EOG's size needs that many directors.
Remember all shareholdings matter, no matter how few you own,you have a vote. It just cant continue, something has to change.
B 'OC was brought in by SO, so I suspect one reason SO has not been asked to leave. He once told me that he doesnt get paid enough for the time he spends on EOG. Curiously, he hasn't quit and is still taking his money and not spending it on Europa shares.
It is truly shocking to see the that SO is chair of the remuneration committee and earned over 600000 pounds in two years, let me just say that again, 600000 pounds in two years. Do you remember the British Gas CEO and his nickname, Cedric the pig because his snout was always in the feeding trough. SO and the BOD have ruined the share price which stands at a dismal 1.125p. A penny share. It is time we change the entire BOD out. They are greedy, completely incompetent, clearly stupid and are being allowed to rob the Europa bank account.
If the past is anything to go by, the wressle cash cow will only be feeding the BOD.
Dont forget SO took £260000 as salary/bonus last year. The onshore production has paid off on remuneration for BOD. Hugh Mckay was paid very well for 10 years. The shareholders have not seen any benefit.from the production.
Well at least the Directors and management are raking it in. The shareholders have been truly let down by the same team that is still in place and they have no new ideas. Simon Oddie took over a 250000 pounds in salary last year, devalued what little remaining share price value was left after years of dismal perfomance and is still on the board taking a salary. W illiam A has been on the BOD for at least 18 years a nd havent seen anything except complacency. Brian O has been Chairman for at least 5 years and contributed nothing ex cept allowing the BOD to take large salaries while shareholders continually lose money. Not even sure what Steven does as he was supposed to add contacts from his "City" experience which is now fulfilled by the next no-hoper, our new CEO. Dismal. They need an entire change of BOD to give us any hope of getting a return on our investment.
Wressle is good but will not move the shareprice and brings in enough money to just continually pay managements large salaries and pensions. They need to start working for shareholdres, stop being greedy, preferably merge with UJO (not Egdon) who at least know how to run a listed company. I am just fed up with promises by an incompetent BOD.
Whoever it is they are directly connected to the Board of LOSERS, here is a quote from Porkpies 21 Nov 2018
"the BOD are doing a good job", share price a dismal 3.1p , today same BOD share price 1.05p. He even had the gall to say he didnt care about share price!!I
When will the actual shareholders come first and BOD work for them and not their greedy selves???