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  "documentTitle": "Palliser Capricorn Presentation October 2022",
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  "presentationDate": "2022-10-01 00:00:00",
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      "kind": "callout",
      "text": "Capricorn appears to be a company run for the benefit of its executives and staff and to the detriment of shareholders",
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      "text": "Free Cash Flow vs. Staff Costs & Administrative Expenses since Cairn India Exit (US$ million)",
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      "text": "Free Cash Flow (OCF - Capex & M&A)(2) | Staff costs | Administrative expenses (3) | # Staff | CEO compensation | CFO compensation",
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      "text": "Capricorn's portfolio today represents a listed investment vehicle with a non-operated financial interest in a single joint venture in Egypt\nThe Company has not operated a single producing asset for over a decade yet headcount has remained at broadly the same level since 2013\nCapricorn's poor relative performance cannot possibly justify senior management's substantial pay packages\nThe CEO and CFO have been paid a collective £25 million (US$34 million)(1) since they took on their respective roles despite overseeing US$1.3 billion of cumulative free cash flow losses since the sale of Cairn India",
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      "text": "Source: Company disclosures (1) Cumulative reported remuneration converted to US$ at average annual exchange rate (2) Calculated as sum of reported annual net cash flows from operating activities less net cash flows from investing activities (3) Recurring departmental expenses and corporate projects; excludes expenses associated with Indian tax arbitration, costs incurred on business combination or any other one-off items",
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      "kind": "title",
      "text": "A Culture of Excessive Pay and Wasteful Administrative Spend",
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