As per Deb...The contracts are subject to automatic renewal and are well within industry standards (despite being 4 times higher). No formal survey of the industry was undertaken but the compensation committee properly and dilligently (with legal consultation) considered the contracts.

Pete told me it was because of the exec team's loyalty and expertise (and because they do not otherwaise get paid very much).

Only way I can see to get around them holding the company hostage would be to vote the other directors out and establish a different compensation committee willing to investigate industry standard. 

 .... but in order to do that, we would need some shareholders that actually care. I am guessing that with the turn over this last year, there are enough new faces to replenish the apathy quota.

Someone should ask management for the scrutineers' report for this last AGM. They will likely fight you on it though.