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Westgold Resources Limited (ASX: WGX,OTC:WGXRF) (TSX: WGX), Westgold or the Company) advises changes to the remuneration package of the Company's Managing Director and CEO, Mr Wayne Bramwell, effective 1 July 2026.
Following the significant and continued improvement in the operating, financial and shareholder returns of the Company while Mr Bramwell has been Managing Director and CEO, the Company has determined to bring Mr Bramwell's remuneration package in line with market.
A review has been undertaken by the Company's Remuneration and Nomination Committee, in conjunction with an independent remuneration consultant, with the Board of the Company now approving an adjustment to Mr Bramwell's remuneration to ensure that he is rewarded in line with peer companies.
In accordance with ASX Listing Rule 3.16.4, the new terms of Mr Bramwell's remuneration package are as follows:
- Total Fixed Remuneration: effective 1 July 2026 Mr Bramwell's total fixed remuneration will be adjusted to $1,200,000 per annum (inclusive of statutory superannuation)
- Short-Term Incentives: From 1 July 2026, Westgold will introduce a mandatory STI equity deferral arrangement for executive employees pursuant to which 75% of any STI awarded will be paid in cash, with the remaining 25% to be delivered as equity, subject to a one-year deferral period. Mr Bramwell's maximum STI payment will be up to 100% of his total fixed remuneration per annum. However, with the introduction of stretch performance outcomes, this could increase to up to 140% of his total fixed remuneration, subject to exceptional performance against agreed performance objectives.
Other material terms of Mr Bramwell's employment contract remain unchanged.
This announcement is authorised for release to the ASX by the Board.
SOURCE Westgold Resources Limited
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