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Re: Re: Re: Re: Re: [sharechat] WRI

From: Brian Gale <>
Date: Mon, 30 Oct 2000 16:47:35 +1300

I do understand what you are saying Warner - the general scenario of executive remuneration in NZ
is a mess, however I read a ray of hope in a statement from the Otago University research:-

Ex the Dominion report ' Paying top dollar '

" Since companies were forced to disclose executive pay, the associated public scrutiny appears to have encouraged many companies to reform remuneration structures to more accurately reflect performance, the Otago University report says."

It would be interesting to know which are the many companies   Presumably the report will be available in the Public Domain.  Maybe one of our Otago U. Chatters can help ?

I don't want to belabor the point but hopefully WRI might be one of them, I repeat the previous extract from their annual report with the significant words highlighted.

" For this reason, the remuneration of senior executives include a significant incentive component, comprising a cash payment and a right to acquire equity securities in the Company.  Entitlements under both elements of the incentive component are measured against prescribed performance hurdles."

This led me to believe that in this instance the Company were making an effort to relate remuneration to performance. As I read it, if they don't meet the hurdle they don't get the reward.

But, in my naivety, I could be completely foxed like small shareholders seem to be most of the time.


At 18:32 29-10-00 +1300, you wrote:
Brian, I think some of the most interesting observations have been made by
the University research which shows more of a correlation between size of
company and payments and not performance.
This discussion has gone into other areas which is great but my original
post was to do with, DO THEY DESERVE IT at below current price and
considering the recent performance of the company is it fair.
Id like to put this forward, if the size of the company has more to do with
payment size then maybe its because they can get away with it (more
shareholders) Marilyn not putting forward a no vote.
With lots of investors in Co's like BRY etc, maybe small holders just dont
bother, thinking that their vote wont make any difference.

So I agree with marilyn, If the Execs are spouting around $1, then put the
carrot out in front and dont serve it on a platter, esp in regards to
companies with poor performance.


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