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'Indoreservoir' pid='68779' datel Wrote:
The circular is disappointing and poorly written, IMHO.
The way their experience reads, I see no LNG development experience on the board although they say in another part of their dribble that they have 'LNG project expertise.'
Why do we have offices in Singapore - absolutely no need for offices outside PNG.
They do not discuss the share price performance, even relative to other similar oil companies.
They ignore the pay issue except for saying PM's proposal would affect their ability to attract qualified directors and officers. That is total BS. Paying our CEO as PM suggests would attract many well-qualified personnel - one can look at the SPE Salary survey to verify that.
Our $7 million dollar man is hugely overpaid. By any objective standard he is paid about 7x too much. And how much of that huge overpayment has he used for IOC stock? $0? Wait until we see the bonuses handed-out after the certification payment - we're in for a big shock. Disappointing. Unless we can get some of PM's resolutions passed.
I'll sure be voting with PM.
How do you feel about $10,000,000.+???
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'petrengr1' pid='68818' datel Wrote:
'steve3752' pid='68817' datel Wrote:
'petrengr1' pid='68815' datel Wrote:
'petrengr1' pid='68804' datel Wrote:Am I the only one that had trouble finding the real MANAGEMENT INFORMATION CIRCULAR ? http://www.interoil.com/iocfiles/documen...%20MIC.pdf 184 pages. You might want to check out the Executive's compensation before you vote.
A search of the document for "1,000,000" and "10,000,000" and "Hession" can be enlightening.
On Page 46 it lists compensation for 2013, 2014 and 2015. For the Dr. the total was $1,264,021 in 2013 and $10,136,170 in 2015. How is that not a problem? How is that reasonable?
The words I want to use for my opinion of this are not sutiable for this forum. $277,703.28 a day in total compensation. Can anyone say that is reasonable compensation for this company?
At the same time he has not spent one single dollar in an open market purchase. Of course not. Why should he when he is on the gravy train and we take all the risk?
It is bad but not that bad. He only made $27,770/day.
Sorry Pet. You are correct. The numbers were so high I made a mistake in my decimal point.
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'steve3752' pid='68823' datel Wrote:
'petrengr1' pid='68818' datel Wrote:
'steve3752' pid='68817' datel Wrote:
'petrengr1' pid='68815' datel Wrote:
'petrengr1' pid='68804' datel Wrote:Am I the only one that had trouble finding the real MANAGEMENT INFORMATION CIRCULAR ? http://www.interoil.com/iocfiles/documen...%20MIC.pdf 184 pages. You might want to check out the Executive's compensation before you vote.
A search of the document for "1,000,000" and "10,000,000" and "Hession" can be enlightening.
On Page 46 it lists compensation for 2013, 2014 and 2015. For the Dr. the total was $1,264,021 in 2013 and $10,136,170 in 2015. How is that not a problem? How is that reasonable?
The words I want to use for my opinion of this are not sutiable for this forum. $277,703.28 a day in total compensation. Can anyone say that is reasonable compensation for this company?
At the same time he has not spent one single dollar in an open market purchase. Of course not. Why should he when he is on the gravy train and we take all the risk?
It is bad but not that bad. He only made $27,770/day.
Sorry Pet. You are correct. The numbers were so high I made a mistake in my decimal point.
What's the day rate in cash?
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'katytrader' pid='68824' datel Wrote:
'steve3752' pid='68823' datel Wrote:
'petrengr1' pid='68818' datel Wrote:
'steve3752' pid='68817' datel Wrote:
'petrengr1' pid='68815' datel Wrote:
A search of the document for "1,000,000" and "10,000,000" and "Hession" can be enlightening.
On Page 46 it lists compensation for 2013, 2014 and 2015. For the Dr. the total was $1,264,021 in 2013 and $10,136,170 in 2015. How is that not a problem? How is that reasonable?
The words I want to use for my opinion of this are not sutiable for this forum. $277,703.28 a day in total compensation. Can anyone say that is reasonable compensation for this company?
At the same time he has not spent one single dollar in an open market purchase. Of course not. Why should he when he is on the gravy train and we take all the risk?
It is bad but not that bad. He only made $27,770/day.
Sorry Pet. You are correct. The numbers were so high I made a mistake in my decimal point.
What's the day rate in cash?
To put some perspective on this:
Woodside- Market Cap $22.8 Billion
Revenue- $4.496 Billion
2014- CEO Total Comp Peter Coleman- $8,457,756
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'steve3752' pid='68825' datel Wrote:
'katytrader' pid='68824' datel Wrote:
'steve3752' pid='68823' datel Wrote:
'petrengr1' pid='68818' datel Wrote:
'steve3752' pid='68817' datel Wrote:
On Page 46 it lists compensation for 2013, 2014 and 2015. For the Dr. the total was $1,264,021 in 2013 and $10,136,170 in 2015. How is that not a problem? How is that reasonable?
The words I want to use for my opinion of this are not sutiable for this forum. $277,703.28 a day in total compensation. Can anyone say that is reasonable compensation for this company?
At the same time he has not spent one single dollar in an open market purchase. Of course not. Why should he when he is on the gravy train and we take all the risk?
It is bad but not that bad. He only made $27,770/day.
Sorry Pet. You are correct. The numbers were so high I made a mistake in my decimal point.
What's the day rate in cash?
To put some perspective on this:
Woodside- Market Cap $22.8 Billion
Revenue- $4.496 Billion
2014- CEO Total Comp Peter Coleman- $8,457,756
I get better perspective by seeing how much is cash and how much is company paper. Executive compensation became very complex some time ago and I think it too simplistic to look at total compensation figures when the company paper components have varying vesting periods or strike prices and expiration dates if options, and so on. The definitions and footnotes do make for tedious reading, but I think it is necessary reading and understanding before one reaches conclusions.
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Look at page 55 of the circular, there's a table showing the estimated payment upon termination or change in control.
MH gets $39,000,000.
Next guy gets $1.2 - still a lot, but look at that spread.
Feeling bamboozled.
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It truly is as if the Board stole from the shareholders. They through Phil out... made a new deal and give MH credit he negotiated a wonderful deal for himself. The Board supported it. A question were we somehow complicit.
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'Martinistocks' pid='68830' datel Wrote:It truly is as if the Board stole from the shareholders. They through Phil out... made a new deal and give MH credit he negotiated a wonderful deal for himself. The Board supported it. A question were we somehow complicit.
What power does a shareholder have over compensation?
The board is in bed with MH and that is the problem.
Breach of fiduciary duty lawsuits result when shareholders become angry over issues like executive compensation.
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IMO, there is greater risk to our investment from a disruptive change in management at this point than there is in allowing the current course of events to play out. My guess is that most of the institutional shareholders will agree.
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'Thylacine-2' pid='68840' datel Wrote:IMO, there is greater risk to our investment from a disruptive change in management at this point than there is in allowing the current course of events to play out. My guess is that most of the institutional shareholders will agree.
I agree. It is difficult for me to imagine an institutional shareholder thinking that IOC would benefit from Mulacek or his proxy sitting on the Board in opposition to the CEO and rest of the Board. We would be back to regular leaks with share price volatility (which is not at all bad if one plays options)
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