Contango Income Generator appoints new chairman
Banking and finance veteran, Andrew MacDonald, has been appointed as non-executive director and chairman of Contango Income Generator Limited.
MacDonald's appointment was confirmed this week and followed a review of the corporate governance structure of the company, and the retirement of former chairman, Ian Ferres, who did not seek re-election at the annual general meeting (AGM) held on 10 November.
MacDonald is a director of management consultancy firm, Mieza Consulting and has delivered projects across Asia, the US, UK and Europe focused on wealth management, corporate governance, risk management and customer experience solutions.
Commenting on the appointment, fellow CIE director and managing director of Contango Asset Management Limited, George Boubouras said that the board was very pleased to make an appointment of MacDonald's quality as the company looked to build on its positive maiden year results.
Boubouras said that additional to MacDonald's appointment, the Board had determined to make several changes to the CIE Board structure and remuneration arrangements, in the interests of maximising shareholder value.
Director fees were being reduced effective immediately with the chairman receiving a salary of $35,000 per annum and independent non-executive directors receiving salaries of $30,000 per annum.
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