Charter Hall MDs agree new pay deal
Fund manager Charter Hall has negotiated new employment contracts with its joint managing directors, David Harrison and David Southon, including a $30,000 increase in their fixed remuneration for next year to $1,080,000.
The company announced the new joint CEO contractual arrangements to the Australian Securities Exchange today, with Charter Hall chairman Kerry Roxburgh saying Harrison and Southon had "confirmed their ongoing commitment to the Charter Hall Group by entering into new employment contracts providing for much longer notice periods and the introduction of restraint provisions".
The announcement claimed this "would assist Charter Hall in substantially mitigating key person risk".
On top of their $1,080,000 fixed remuneration, the two men will eligible for a short-term incentive allocation each year. The target for next year will be $660,000 for Southon and $760,000 for Harrison, with two-thirds being delivered in cash and the balance in deferred performance rights.
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