GDG’s chair and CEO salary sweeteners
Just months after completing the Evidentia transaction, Generation Development Group chair, Rob Coombe and chief executive, Grant Hackett, have had their remuneration arrangements enhanced.
The company reported to the Australia Securities Exchange (ASX) that Coombe’s fixed remuneration would increase by $100,000 a year to $350,000 while Hackett’s fixed remuneration would increase by $54,536 to $700,000 inclusive of superannuation.
The ASX announcement also said that Hackett would be eligible for a short-term incentive of up to 90% of fixed remuneration upon satisfying performance hurdles up from 50% under prior arrangements, while Coombe would receive a short-term incentive of $125,000 for the period from 1 January, this year to 30 June, this year with no further short-term incentives payable.
It said that Coombe would also be eligible for two million indeterminate performance rights which will vest on 31 December 2027 subject to TSR vesting hurdles and continued commitment as Executive Chair until 31 December, next year and as a GDG director until 31 December, 2027.
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Always back self interest when a body is marketing a submission to the government
In other words the system is achieving what the government wanted to happen.
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