Platinum’s new CEO cops new remuneration framework

Platinum Asset Management’s new chief executive, Jeff Peters, is facing changed remuneration arrangements with the board saying the Platinum Partners remuneration framework is no longer fit for purpose.

The company told the Australian Securities Exchange (ASX) that as part of its turnaround strategy, the board had been undertaking a comprehensive review of the remuneration framework.

It said that as a result of the review, it had decided that it would no longer be making further grants of PTM performance rights under the plan.

It said that under his contract, Peters is eligible to receive an initial grant of PTM performance rights under the Partners Plan with a face value of $1.5 million subject to shareholder approval.

However, it said that it had advised it had agreed to amend Peter’s contract so that instead Peters would receive his sign on in the form of PTM deferred rights under the Deferred Remuneration Plan.

“Under his employment contract, Mr Peters is also entitled to receive ongoing annual grants of PTM performance rights under the Partners Plan with a maximum potential face value of $1.5 million,” the Platinum announcement said.

It said the Board is currently working on the design of a new plan to replace the Partners Plan and it was intended that any Ongoing Grants to Peters would be replaced by grants under the new plan.