Evolve Education moves to reduce Board Fees as operations review progresses
The move is the first signal of its kind that the comprehensive review of the New Zealand operations that Managing Director Chris Scott and new Chief Executive Officer Timothy Wong are overseeing is progressing.
The quantum of the reduction was determined post the receipt of two independent remuneration reports commissioned to provide guidance on the appropriateness of the existing payment structures of the board including a review of board fees and committee fee amounts.
In the year ended 31 March 2019 $472,000 was paid to the Board in total, with three directors who held their positions for the full twelve month period, namely, Chair Alistair Ryan and non executive directors Norah Barlow and Grainne Troute, receiving $135,000, $80,000 and $90,000 respectively.
Under the new regime the total fees paid to the Board, including committee fees, is expected to be closer to $400,000 per annum.
Commenting on the decision Chair Hamish Stephens noted in the announcement that “the Board believes that the Directors must lead by example in any reconstructive efforts at Evolve.”
The findings of the comprehensive review will be published by the company at their half year results expected at the end of November 2019.
To read the announcement please click here.