Making Contango’s Marty more comfortable

It seems we may finally be witnessing the end of austerity in the funds management sector – or at least that might be the case if fund manager Contango Asset Management is to be taken as a guide.

You see, Squizzy was delighted to see that Contango’s board has decided to ensure that the company’s chief executive and managing director, Marty Switzer, can move beyond the gloom of Covid-19 and onto the remuneration sunlit uplands befitting of his status and Contango’s performance.

In fact, the board announced to the Australian Securities Exchange (ASX) this week that after the remuneration belt-tightening which occurred in early 2020 reflecting the uncertainties generated by the global pandemic, the belt-loosening which began in the Octobers of 2020 and 2021 is now official.

Indeed, as the ASX the announcement said, “Mr Switzer’s revised employment arrangements have now been finalised and are summarised below”.

In brief, Switzer’s fixed remuneration is $470,000 per annum plus compulsory superannuation contributions and entails a short term or variable incentive plan making him eligible for short-term discretionary awards calculated by reference to 50% (previously 100%) of his total fixed remuneration payable in cash, CGA shares or a combination of both.

He is additionally able to access a long-term incentive plan making him eligible to be granted an amount of 1.5 million performance rights in CGA provided he achieved pre-determined funds under management targets on or before 30 June 2024.