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- Release Date: 25/06/12 19:23
- Summary: GENERAL: RAK: Rakon responds on media coverage on Executive remuneration
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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
