Open Letter to the Board

tpltblogger10 Comments

“The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.” – Charlie Munger

In what seems to be a recurring occurrence, I’ve been asked by another large TPL investor to post a letter to the board. I have verified this individual to be an institutional investor with a material holding of TPL shares.

I happen to think this investor is 100% on point in regards to compensation. It is important for drivers of compensation to be aligned with the drivers of shareholder value. With TPL being a unique asset, traditional metrics don’t readily apply.

Lastly, I also agree that it is time for the board to take an interest in the shareholders. Hey Independents, what are you doing? Do you care? Are you along for the ride? In it for the paycheck? Do you care about your legacy as a steward of capital? Are you bound by something stronger than fiduciary duty? Do you ever want to get elected again? Do something!

If you agree, save this letter down and send it to the Board via IR with your comments.

managementcompensationDownload

10 thoughts on “Open Letter to the Board”

  1. This is an outstanding document that is right on point, especially by calling out the ‘independent’ directors who have not acted as independent, rather as puppets for Norris & Barry. Bonuses on goals they have no control over are absurd on their face. Repurchased shares that are not retired are in danger of being reissues which I have a problem with, among other issues.

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  3. This is a very good letter that explains the significant flaw of the proposed compensation arrangement. Very well written especially point out the fact over the control vs non-controllable variables.

    All in all, this simply echoes the fact that the current management seats are being filled by greedy individuals who take credit that dont belong to them and use it to benefit their own pockets.

    Liked by 1 person

  4. Again a good letter, but was it sent to the Board members. They need to know the displeasure of their shareholder base, which at this time is huge!

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  5. If Stahl and Oliver can vote as they please, I think a lot of the other issues will get solved naturally. Not that I mind having them highlighted.

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    • I am not sure how true that is. It was my understanding that MS and Oliver voted outside the shareholders agreement and against Dana. Dana still received nearly 50% of the total vote. There are it seems a lot of votes that just go with what the board recommends.

      I think most of us agree that Barry and Norris and their handpicked lackeys are the problem. Until they are gone I don’t expect good governance. Getting rid of them is impossible without MS and Oliver, not as likely as I would hope even with them…………

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  7. Well…that was a waste of perfectly good bandwidth.
    Don’t see them giving a rat’s patootie about what shareholders think regardless of size.

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  8. As a shareholder I have enjoyed everyone’s insight on this board.

    Doing some research work on the company and kind of stuck as to what “sector” you would put TPL in. It comes up on Morningstar and a few websites as Energy but that doesn’t seem accurate Any thoughts on this?

    On Mon, Mar 28, 2022 at 10:53 PM The Texas Pacific Land Trust Investor wrote:

    > tpltblogger posted: ” “The iron rule of nature is: you get what you reward > for. If you want ants to come, you put sugar on the floor.” In what seems > to be a recurring occurrence, I’ve been asked by another large TPL investor > to post a letter to the board. I have verified” >

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  9. On the point letter. What about the outrageous $250,000 director fees? Who the heck did they compare with to get those fees?

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