RE:GovernanceI wonder how they establish the Budgeted Production number?, is it a number that is so low that they are insure they will receive their "Short Term Incentives". None of these seem like they are in the control of management. Same with the budget forecast number, COS management only objective is to insure they get their bonus, there is no stretch that i can see there. I think the board should be demanding more from management, and not allow them to put forth these lame budgets.
There seems to exist multiple ways in which the management can be compensated based on production, budget, other companies performance and increasing the value of the stock. However the results are still dismal, i don't believe it is a matter of COS management not be compensated, it is simply their inability to perform.
I am still upset with respect to the extra interest costs we have incurred because of their inability to properly formulate a plan to pay for the capital expansion. I will be interested to see our cash balance at the end of the year 2013 and how they manage their cash going forward.