Lion Nathan will ask its shareholders to approve a lift in the boardroom remuneration limit, it was announced today. In a notice of annual meeting, to be held in Sydney on 17 December, the drinks group said it will seek approval to increase the total limit by almost 29% to A$900,000 ($648,729).
The increases would see chairman Geoff Ricketts’ salary rise by almost 19% to A$250,000 from A$210,519 and non-executive directors’ salaries by 22% to A$100,000 from A$81,705. The company said increasing the remuneration limit would provide room for further appointments.
In the notice, Lion Nathan said: “The total proposed non-executive directors’ fees . . . are within the current remuneration limit for non-executive directors of A$700,000, but the directors seek approval for an increase in this remuneration limit to A$900,000 to provide additional flexibility for the appointment and remuneration of additional directors as necessary.”
The group said that the increases were in line with salaries offered to directors at companies similar in size and type to Lion Nathan.
