Next Easter: I don't know any law which stops CEOs benefitting "ahead" of shareholders but I don't know what you mean by "ahead". SOX and Dodd-Frank have powers to claw back executive pay but neither have been well implemented and probably won't survive a Trump presidency (two words which make me gag every time). As soon as Clayton is confirmed the SEC will kill it. In any case, despite hundreds of attempts to use Dodd-Frank to limit exec pay, most companies have found ways to incentivise senior execs totally out of sync with company performance (which might be a proxy for shareholder benefit). I think it is the exception to find a CEO of a public company who has not benefitted vastly out of proportion to both their performance and to shareholder benefit, particularly in the US.

All Fung has done is to take a court approved incentive to deliver success at ICSID. I think we should acknowledge that he has delivered in this respect (although no money yet). Not even Dodd-Frank could stop that.

This system is clearly flawed but without it we wouldn't be able to speculate in high risk companies i.e. we are not just part of that system, we actively support it. We didn't do this because we think mining gold is a social benefit - we did it to make money, just like Fung and Tenor.