Last checked at 8 Apr 2020 07:00
Covid-19 Update - Remuneration of Board
8 April 2020
Grafton Group plc, the international distributor of building materials and DIY retailing Group, is today providing a Covid-19 update on changes to the remuneration of the Board in response to the impact of the virus on its markets and business.
The Chief Executive Officer, Gavin Slark and Chief Financial Officer, David Arnold have voluntarily requested that their base salaries and pension contributions are temporarily reduced by 20 per cent with immediate effect. They have also voluntarily requested the suspension of the Bonus Scheme for 2020 and the postponement of awards under the Long Term Incentive Plan, scheduled to be granted in April 2020, for further consideration by the Remuneration Committee following the announcement of this year's interim results.
The Chairman, Michael Roney and the Non-Executive Directors have also decided that their fees should be temporarily reduced by 20 per cent with immediate effect.
The Board believes that these measures are appropriate given that the Covid-19 virus will lead to a material decline in revenue and profitability over the coming months as previously announced in the Covid-19 Update that was issued on 24 March 2020.
Ends
For further information please contact:
Grafton Group plc +353 1 216 0600
Gavin Slark Chief Executive Officer
David Arnold Chief Financial Officer
Murray +353 1 498 0300
Pat Walsh
MHP Communications +44 20 3128 8100
Tim Rowntree/Rachel Mann