Nuplex does u-turn on directors' fee hike
Chemicals maker Nuplex has withdrawn a proposal to increase its directors' fee pool of funds by 50% following criticism from shareholders.
Chemicals maker Nuplex has withdrawn a proposal to increase its directors’ fee pool of funds by 50% following criticism from shareholders.
The company had been seeking to increase the total fee pool per annum from $1 million to $1.5 million.
Shareholders Association corporate liaison Des Hunt raised concerns over the proposal last month, as reported by NBR here.
In a statement today, chairman Rob Aitken said some shareholders had raised concerns about the long period and consequential quantum that the pool increase was intended to cover.
“Given these uncertain times, we appreciate that our shareholders might prefer to approve changes to the fee pool on a more regular basis and in smaller increments than was initially proposed,” Mr Aitken said.
Nuplex had sought shareholders approval to increase the pool from which directors’ fees over the next three to five years would be paid.
It was anticipated that the enlarged pool would be used to enable increased resources, such as an additional director or new sub-committee, to be added to the board if and when such resources were needed, as well as provide individual director fee increases in line with inflation and performance.
Duncan Bridgeman
Tue, 25 Oct 2011
Tue, 25 Oct 2011
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Nuplex does u-turn on directors' fee hike
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