RE:Two daysVery well said ,The truth !!!
prostocker wrote: ...until the AGM.
Make sure you provide your opposition vote to all propositions to scrutineers.
A brief refresher course:
Recall that this stock traded in the $40s in 2013/14, before Cornhill, Harris and Watson's actions took it down to finish 2018 at $14. 2/3 are gone. One remains, and just got a pay hike for "increased accountability for his role following the WGL Acquisition" - yes, the one and the same deal that he supported that nearly blew up the company. Sure, that makes sense!
They repeatedly misled investors on their guidance that WGL was the path to increasing the dividend and are only able to avoid massive lawsuits because they can hide behind safe harbour statements. They clearly believe that investors are stupid enough to overlook their collossal disaster of a year. Employees too - they have shares and more importantly their lives depend on having their jobs, which could still vanish.
I was hoping that Crawford would drive immediate change, but instead it looks like he's content with milking the cow, as he's set to pull in a $1.2 million salary (that jumps to $6 million if he hits his short and long term targets.) Kind of makes it hard to be critical of anyone else on your team, so I guess that's why he saw 2018 "as a transformational year". Really? I would have thought "complete disaster" would be more appropriate (but who in their right mind would be honest when you just signed up for a cool $6 million per year and rising)
It doesn't apparently matter that the share price dropped by half and dividend was cut by even more than that...2018 was still a successful year, since management received millions more in short and long term rewards based on a bunch of other garbage performance metrics (that they evaluated themselves on too). Yay!!!! Let's reward the senior execs even more! Here you go Tim - $1.8 million for a job well done! Hey, I know, let's have an option repricing party to celebrate! Who cares what happens to shareholders, where's my glass of Dom Perignon!!!!
Don't settle into complacency because the share price has rebounded a bit. Cornhill should have retired a decade ago. Harris's departure had nothing to do with management's collosal screw up, and Watson still trundles along his merry way.
I don't care about the changes so far. They're not enough from what I have seen. I don't think we're out of the woods yet. Not with this cast of characters (and others) in charge. They are clearly looking out for themselves.
Are you going to let this happen?
Are you the owner or are they?
Don't be a patsy. Send a message.
Vote no to all.