Westgold Resources Brings CEO's Pay in Line With Market

MT Newswires Live08-28 08:09

Westgold Resources (ASX:WGX) said its board approved an adjustment to Managing Director and CEO Wayne Bramwell's compensation package, effective July 1, to bring it in line with peer companies, according to a Friday filing with the Australian bourse.

Bramwell's total fixed remuneration has been adjusted to AU$1.2 million per year, inclusive of statutory superannuation, following "significant and continued improvement" in the company's operating and financial performance, it said.

Westgold has introduced a mandatory short-term incentive (STI) equity deferral arrangement for executives under which 75% of any STI awarded will be paid in cash, with the remaining 25% to be delivered as equity, subject to a one-year deferral period.

The company said Bramwell's maximum STI payment will be up to 100% of his total fixed remuneration per year, but with the adoption of stretch performance outcomes, this could rise to up to 140% based on the achievement of performance objectives.

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