Too many years ago to admit here, and for reasons I can no longer recall, I attended Ron Turnbull’s Friday School of Sales. It was a wearisome day to say the least, but there was one message I took away from it…
’Show me the order’
At the 2018 AGM, I spoke about premature and excessive remuneration, and at the most recent AGM, I spoke briefly about the following things I passionately believe in relating to remuneration…
(a) that incentives / rewards should only be bestowed for achieving things above and beyond what is reasonably expected.
(b) that incentives / rewards should only be paid AFTER such achievements have been acknowledged.
(c) that incentives / rewards should be structured so that directors and senior executives are given a bit less, so that deserving employees down the line can also receive them.
Our CEO has said that to date he’s only been able to tell us about his activity, and as wonderful as I note many of you here are saying, for mine nothing has been achieved above and beyond what any reasonable person would consider he should have. To put this in context, Sean’s salary is USD450,000 pa, and this can be doubled if certain parameters are met. He went on to say that at our next AGM in May 2023, he expects to be able to tell us about results…in other words he expects to show us the money.
In the meantime in between time, on top of the above salary he’s received 1,081,000 restricted shares for signing on, plus 6,000,000 restricted shares under the incentive scheme.
What do we reasonably expect these shares to be worth by May’23?
I accept that this is a sensitive subject, that I may lose a bit a skin in the coming hours, and that some may accuse me of cultivating a culture of envy...this is not my want, but this is clearly premature and excessive reward for simply doing his job.
There has been debate about revenue, indeed our CEO has said to not look for announcements but rather watch the financials. The second quarter 4C is around the corner and people are saying not to expect too much. C’mon people, stop pussyfooting around…I for one expect a helluva lot more than $200K, and I expect to see revenue ramp up in the third and fourth quarters.
The clock is ticking Antonio, Sean et al…show me the order !!!