Slater and Gordon chief executive Andrew Grech "forfeited" his bonus in 2016 after the company's accounting issues, massive write-downs and a swingeing loss.
Illustration: John Shakespeare.
Grech's horror year included its purchase of the $1 billion business death star also known as Quindell's professional services business. The Quindell business quickly blew up and led to both companies restating their accounts and grabbing a hospital pass from bankers.
Now, Slater and Gordon's annual report reveals Grech, whose total remuneration for 2016 was $637,265, and his key management personnel colleagues will also face a new clawback provision starting in 2017.
"The policy enables Slater and Gordon to claw back certain elements of an executive's remuneration if there has been a misstatement of Slater and Gordon's financial statements which results in the executive receiving a reward which exceeds the outcome that would have been achieved had the misstatement not been made."
A spokeswoman for the company told CBD the new clawback policy would not be retrospective and only affect remuneration earned after 2017.
CBD reckons if Slater and Gordon's senior executives can repeat the comprehensive disaster that was 2016 they deserve a bonus.
Slater and Gordon's UK boss Ken Fowlie and Australia chief Hayden Stephens also passed up their bonuses.
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