Volta Finance Limited has announced a change in the Directors’ remuneration following a detailed external review carried out by Trust Associates.
At a meeting on 28 March 2017, upon the recommendation of the Remuneration Committee the Board adopted Trust Associates’ recommendations in full, backdated to 1 February 2017, noting that the purpose of the changes is primarily to simplify the current Directors’ remuneration and align it more closely with shareholders’ interests.
The new annual remuneration is:
- Chairman – EUR120,000
- Director – EUR88,000
- Additional fee for Audit Chair – EUR17,500
- Additional fee for Senior Independent Director – EUR6,000
- Additional fee for Risk Chair – EUR6,000
30% of each Director’s remuneration will continue to be paid in shares but the number of shares allocated will be calculated based on NAV rather than at share price, as previously. The NAV used will be the most recently available Estimated NAV.
The Directors’ fees will continue to be paid quarterly. In addition, Directors will now be required to retain shares for at least one year.
The changes to pay were announced alongside interim results that showed Volta’s NAV returning 12.1% for the six months to the end of January 2017 and a return to shareholders of 12.6%
VTA : Volta Finance ups directors’ pay