BRONCOS BUCK OVER DIRECTORS' PAY

BRONCOS BUCK OVER DIRECTORS' PAY

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.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

From pandemic side hustle to multi-million dollar business: Meet Ling Fung
Partner Content
Ask any parent, and they’ll tell you: preparing for a new baby is no easy task.&n...
Metro Baby
Advertisement

Related Stories

ACCC gives Compare the Market operator green light for iSelect takeover

ACCC gives Compare the Market operator green light for iSelect takeover

The Australian Competition & Consumer Commission (ACCC) has ann...

How Sourci made it: Meet the founders behind Australia’s new e-commerce wave

How Sourci made it: Meet the founders behind Australia’s new e-commerce wave

In just four short years the co-founders of product development con...

Competition watchdog sniffs at Cochlear-Oticon acquisition

Competition watchdog sniffs at Cochlear-Oticon acquisition

The management at Cochlear (ASX: COH) are hoping to add an extra 75...

Domino’s raising $165m to buy out German partner after settling deal for two new Asian territories

Domino’s raising $165m to buy out German partner after settling deal for two new Asian territories

A day after wrapping up two new Asian territories as part of the bi...