Many things have changed over the past year. Executive comp is higher. The size of the C-suite is larger. Legal and administrative costs are up. And N677J’s wheels are up (and down).
Three things have not changed. The share count outstanding remains constant at 7,756,156. Execs and Trustees still own only 1600 shares among the entire group. And the number of Trustees remains 2.
Shareholders remain underrepresented, management/shareholder incentives remain unaligned, and the capital allocation tool that TPL is famous for (buybacks) remains idle.
All the roadshows in the world don’t change the fact that this is still a governance nightmare.