“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.