Setting aside for a moment whether or not Alimentation Couche-Tard’s price for Caltex is right, at the very least, it has roused the board of the local fuel refiner and convenience retailer from its discreditable torpor.

Shareholders paid Caltex’s non-executive directors $1.9 million in 2018. The six of them collectively own a meagre 36,806 shares in the company worth $1.27 million. Chairman Steven Gregg earned $550,164; and after more than two years at the helm, he owns just 6,000 shares. When it comes to directors’ skin in the game, Caltex is the Myer of petrol.