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- Release Date: 12/08/13 18:44
- Summary: S/HOLDER: PEB: Increase total capped fee for Directors's remuneration
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PEB
12/08/2013 16:44
S/HOLDER
REL: 1644 HRS Pacific Edge Limited
S/HOLDER: PEB: Increase total capped fee for Directors's remuneration
Resolution To Increase Total Capped Fee for Directors' Remuneration for
Pacific Edge Board of Directors
12 August 2013
The intention of this document is to provide shareholders with a greater
understanding of the background and drivers behind the proposed resolution to
be put at the Annual Meeting with respect to Director's remuneration.
Strategic Pay Limited were engaged by the Board of Directors to review the
Board's remuneration and in light of the changes of the nature and risk
profile of Pacific Edge over the 12 months. The Board of Directors have
identified that there has been a significant increase in the exposure to
country specific and in-market risks for both the Company and the Directors
over the last 12 months with the growth and expansion into foreign countries
of the Company's operations. Through its two commercial subsidiaries,
Pacific Edge Diagnostics NZ Limited and Pacific Edge Diagnostics USA Limited,
Pacific Edge now provides commercial diagnostic services to clinicians in New
Zealand, Australia and the USA.
The mandate for Strategic Pay required them to examine the current
remuneration and other bench marks for similar companies. Strategic Pay have
completed a comprehensive review of the risk profiles and respective bench
marks using its 2012 survey data. Its recently released 2013 survey data of
directors remuneration shows a further increase above that of 2012. This
2013 increase has not been factored into Strategic Pay's recommendations to
the Pacific Edge Board.
The current market median, determined by Strategic Pay, for remuneration for
the Board of Pacific Edge is $208,834 per annum. The Board have considered
this and have determined a total combined remuneration of 82% of the market
median at $172,000 per annum. This total is to be allocated between the
Directors of Pacific Edge.
Strategic Pay have advised that this is a conservative position in the
current market.
Chris Swann
Chairman
End CA:00239557 For:PEB Type:S/HOLDER Time:2013-08-12 16:44:59
