Mystate Financial shareholders should all by now have received an invitation to the next AGM to be held at the Grand Chancellor on the 23rd October.
No longer are we members of a Mutual and no longer do we have a selection of independent non-executive directors to choose from. We are, however, being given the opportunity to vote for the reappointment of directors who are required to retire.
We are also being given the opportunity to vote on whether we consider that the board of non-executive directors should receive an extra $200,000pa – an increase of 26.6%. Currently the 8 members of the board are paid out of a pool of $750,000 with each director receiving a starting salary of $77,500 including super.
The Chair, Michael Vertigan, gets twice this and the Chairs of sub-committees also get extra.
Last year Mr Vertigan attended 29 meetings and so earned around $5344 per meeting while the others average out at only about $1588 (but they do get a bit extra for “reasonable expenses”).
Since 2010 the share value has gone down from $3.12 to $3.05.
Obviously this is a simplification of the overall picture and the details are outlined in the Annual Report which is available online at:
http://www.edocumentview.com.au/mys3/2012/662/default.htm?voting=false#p=1&c=2&v=1′
