$16,278,308.00Above amount is 3 years compensation along with $3,000,000 given to FUU, going to the management according to the information circular. Not a penny of that for drilling and exploration!
It is no wonder that financing is an on going concern! The compensation packages for mgmt./directors is draining the coffers dry. The life blood of FCU is being wasted! Compensation is exorbitant for a junior explorer! Perhaps director means "direct as much funds into my own pocket as I can get away with?!
Also if present mgmt. is ousted, they would get 3X their compensation...well over a million for Dev. and Ross......each, etc.
Thus it would seem that this mgmt. system is set up for a "Rule or Ruin". If ousted you take the life blood with you, if remaining with "business as usual", the drain on finances amounts to the same thing. Either way, shareholders lose big time!
PP 33 (circular) Ethical Business Conduct (d) states: "protection and proper use of corporate assets and opportunities". Supposedly designed to deter wrong doing and promote ethical conduct.
My question is: How is bringing FCU to this state of financial affairs ... ethical?
Who set up this dismissal package and over-compensation? Why are sharholders taking it on the chin and still saying.....give it to me again...and again, and again?
Shareholders should give some serious thought as to the on goings of FCU and not be lulled into complacency for the present situation.
There is a contact number for FCU.....let them know your feelings.