DroneShield mandates shareholding requirements, reviews remuneration after director sales
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The news: DroneShield will mandate minimum shareholdings for directors after sales by three key management personnel set off panic-selling earlier this year, amid a broader governance overhaul.
The drone defence company will introduce mandatory minimum shareholdings for senior management, requiring each director within three years holds DroneShield shares equivalent to their annual base salary.
Chief executive Oleg Vornick will uniquely be required to hold twice his base within 12 months.
DroneShield said it will also update its securities trading policy to "align them with market practice and expectations of an ASX 200 company". It comes after Vornick and two directors — chair Peter James and Jethro Marks — simultaneously dumped their entire shareholding, sinking the company share price.
This review was undertaken by independent directors Simone Haslinger and Richard Joffe who engaged legal firm Smith Freehills Kramer.
DroneShield also committed to appoint one additional independent non-executive director within the next 12 months and will conduct a further review of its remuneration structures.
It will continue work to verify ASX announcements, engaging an external adviser to improve its internal controls after incorrectly informing the market of new contracts.
The source: ASX
