- Release Date: 25/06/12 19:23
- Summary: GENERAL: RAK: Rakon responds on media coverage on Executive remuneration
- Price Sensitive: No
- Download Document 1.44KB
RAK 25/06/2012 17:23 GENERAL REL: 1723 HRS Rakon Limited GENERAL: RAK: Rakon responds on media coverage on Executive remuneration Rakon Limited Independent Director Bruce Irvine has responded to media reports of salary increases for Rakon's top two executive employees Brent Robinson and Darren Robinson. Irvine explained that the remuneration of senior executives in the company included a fixed and variable incentive element. The figures reported in the media were based on disclosures in Rakon's 2012 Annual report published on Friday 22 June. Remuneration disclosed related to that earned in the March 2012 year. As such it included variable compensation determined and paid in June 2011 for the March 2011 year. This variable compensation was based on company and personal performance in that year and is not relevant to the recently completed March 2012 year. Irvine noted that variable element for this recently completed year (March 2012) was substantially reduced from the figure forming the basis of the media story, because the financial results fell below the prior year and company targets, despite the company's success in expanding its business globally. Accordingly the total remuneration for FY13 that is paid to senior executives, who have a variable element, will be substantially lower than that paid in FY12. This will be reflected and reported in the 2013 Annual Report. End CA:00224259 For:RAK Type:GENERAL Time:2012-06-25 17:23:19
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