Aquarius Platinum CEO Volunteers for Pay Cut

- September 16th, 2013

BDlive reported that Jean Nel, CEO of Aquarius Platinum Ltd. (ASX:AQP,LSE:AQP), has volunteered to receive 70 percent of his salary, as well as any bonuses he may receive, as Aquarius shares instead of cash for the next three years. Nel’s move is part of the company’s plan to reduce its corporate costs.

BDlive reported that Jean Nel, CEO of Aquarius Platinum Ltd. (ASX:AQP,LSE:AQP), has volunteered to receive 70 percent of his salary, as well as any bonuses he may receive, as Aquarius shares instead of cash for the next three years. Nel’s move is part of the company’s plan to reduce its corporate costs.

As quoted in the market news:

The move is one of a number announced on Monday by the platinum junior aimed at reducing its corporate costs by more than 50% to below $6m (about R60m) a year.

In other measures, the Aquarius nonexecutive directors have agreed to a reduction of 10% in their directors’ fees and offered to take 25% of their remaining fees in shares instead of cash.

In addition to taking 70% of his salary in shares Mr Nel has also, for the second consecutive year, asked not to be considered for a salary increase in 2014.

Click here to read the full BDlive report.

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