(Alliance News) - Aminex PLC late Monday said it has implemented measures to reduce remuneration of board directors by up to 90% due to the "huge uncertainty" created by the Covid-19 pandemic and oil price plunge.
"The board had decided that the company and shareholders would be well served by conserving cash whilst maintaining capability for the planned upcoming Ruvuma work programme in Tanzania and the next phase. The board has therefore implemented measures to reduce board remuneration by approaching 90% compared with a year ago. Total board remuneration is now under GBP100,000 per annum, ie GBP8,000 per month," the company explained.
Aminex Chair John Bell has waived his annual fees of GBP100,000 for the next 12 months from April. Interim Chief Executive Robert Ambrose has accepted an annual salary of GBP60,000, a 67% reduction from the salary of the company's previous CEO.
The gas exploration company said Non-Executive Director Linda Beal also has waived her annual fees of GBP35,000 for the next 12 months.
In addition, Bell and Beal have waived contingent additional fee awards of GBP175,000 in total awarded in 2019 and expected to become payable over the coming year to save cash costs.
Aminex said that its senior employees also have taken a pay cut of between 20% to 40% since April 20.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Aminex (AEX)