Email to the BOD Gentlemen,
Please forward this message and question to Mr. Strashin as well. I would like this question and your answers tabled during the forthcoming AGM.
My question and supporting data:
Gentlemen,
As you can see from the data contained in the table below, the last 6 years have been very lucrative for you in your capacity as directors of the corporation. This data set includes option grants for each of you for the last 6 of the 8 years in which Mr. Payne has held the position of CEO and Director of dynaCERT.
For some of you, more particularly Mr. Payne, Maier, and presumably Colin the table does not reflect the salaries/consulting fees you have been paid as well. I did not try to determine if the Directors are compensated in cash for attending meetings as well.
I draw your attention to the annual losses column. Note that in each of the years covered the company experienced mounting losses. Clearly these losses must be attributed to the poor performance of the product you have been trying to commercialize and a lack of business acumen on the part of the management team and oversight by this Board.
To summarize, you arranged to grant yourselves nearly 16 million options with varying expiration dates, pay yourselves handsomely while accumulating nearly $54 million in losses!
As a long time shareholder I am growing increasingly concerned that this Board is no longer in a position to represent the best interests of the company and its shareholders. As currently constituted the majority of this board is comprised of individuals that are either employees or have non arms length relationships with the corporation. This represents a clear conflict when matters such as compensation based on merit are concerned.
I propose that you immediately move to change the composition of this board to include one representative of management participates, with the remaining 6 truly independent.
