Generation Development lifts CEO Grant Hackett’s pay by $1m
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The news: Generation Development Group has agreed a pay hike for chief executive Grant Hackett following a benchmarking review with ASX-listed peers and the company's expanded operating scope.
The numbers: Hackett's fixed annual remuneration will rise by $200,000 to $900,000, effective 1 January this year, subject to a review in July of each year.
His short-term incentive bonus has been lifted from $500,000 to up to $1.1 million, subject to satisfying hurdles set by the board each year.
Hackett's long-term incentive now comprises a grant of no less than $1.3 million in performance rights at the board's discretion, effective 1 July, marking an increase of $300,000.
The context: GDG said the pay rise reflected the "increased scale and complexity" of the company, including the strengthening of regulatory and risk capabilities, rationalisation of the group's technology architecture, and supporting growth after its recent acquisitions of Lonsec and Evidentia.
The company said Hackett's total remuneration remains "materially weighted" towards performance-based, at-risk components, and linked to financial, synergy and integration outcomes determined by the board.
There were no changes to Hackett's contractual terms, termination provisions or change-of-control arrangements.
The source: ASX
