BRONCOS BUCK OVER DIRECTORS' PAY
27 April 2010,
BRISBANE Broncos Limited (BBL) has proposed to double its directors’ remuneration despite saying it would not do so in last year’s annual report.
In a statement to the ASX the company cited an ‘inadvertent typographical error’ in the report and now proposes to boost directors’ remuneration from $110,000 to $220,000 at its AGM on May 13.
BBL company secretary Louise Lanigan says there had been a ‘correction’ to the 2009 Annual Report.
“The Remuneration Report states ‘the Board will not seek any increase for the non-executive director pool at the 2010 Annual General Meeting’. This statement is incorrect and is a result of an inadvertent typographical error,” she says.
“The reason for the proposed increase in the aggregate sum of Directors’ Remuneration is to provide room for growth by way of either the appointment of additional directors in the future should the Board consider it appropriate to increase its size or allow increases to directors’ fees should it be deemed necessary.”
The club’s last executive pay increase was in 1995. The proposed remuneration increase comes despite a 30 per cent profit drop last year.
Broncos shares remained flat today at $0.34.