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After reports it has been driving a hard bargain with tenants and expectations net operating cash flows will fall by 60 per cent in the second half, the board of shopping mall giant Scentre Group (ASX: SCG) will now be paid at pre-COVID levels.
Like many leadership teams in Australia, the senior management and board of the Westfield operator took cuts of 20 per cent to their base salaries and fees respectively as of 1 May, but that has now been limited to a three-month period.
"In April 2020 the Group announced that, in light of the COVID-19 pandemic, temporary arrangements to reduce base Board Fees and fixed remuneration for the executive team (including the Senior Leadership team)," Scentre Group stated today.
"These arrangements commenced from 1 May 2020 and, as announced, would be reviewed by the Board in August 2020.
"The Board has reviewed these arrangements and has determined the Board and fixed remuneration for the executive team will revert to their previous levels, effective from 1 August 2020."
Ahead of its expected second half results announcement on 25 August, Scentre Group has today announced expectations the carrying value of its property portfolio will be down approximately 10 per cent due to impacts from COVID-19.
The group also expects net operating cashflow after interest, overheads and tax will be more than $250 million for the half year, compared to $629.1 million for the same period in 2019.
Scentre Group also clarified it had not received any funds from the Australian Government under the JobKeeper scheme, and its available liquidity stood at $4.4 billion as at 30 June.
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