It may also be a good idea to review what exactly PM et.al. are seeking. They are seeking to have a special shareholders meeting at which all shareholders would be able to vote on the following proposals:
- reduce the size of the BOD from 10 to 6
- change IOC executive compensation policy to 1) reduce the amount of cash paid to $600K/year max, 2) require compensation to be at least 50% equity, 2) impose holding periods for stock compensation (actually to restrict the sale of any IOC stock to no more than 50% of director/officer's holding while employed and for 1 year after) , 3) restrict 'change of control' compensation payments to not allow such unless the IOC share price is over $60 and also over the share price when the office/director was hired or pro-rate the compensation respectively
- amend BOD policy on board member's qualifications to require 1/3 of directors to have competency in exploration/development of onshore O&G assets in the "PNG jungle"
- amend BOD policy of third-party reviews of assets to increase communication to shareholders regarding discoveries and development plans, specifically that the BOD disclose 1) why a discovery location is considered 'commercial' by the BOD, including the BOD views and assumptions on the cost of development, including specifically overall cost breakdowns for wells and development,) 2) likely markets for the production from the discovery, and 3) what update such discovery may imply to the company's annual resource reports
- amend BOD policy to insure that any resource evaluation companies retained have expertise in evaluating assets in the "PNG jungle".
- amend IOC charter to require shareholder approval of any sale of 10% or greater of IOC assets
- adopt a more rigorous disclosure policy by BOD to insure that shareholders "understand fully the exploration and development status of the Corporation's onshore licenses and development assets in the Papua New Guinea jungle"