Centrepoint locks-in CEO with incentive bonusBY LAURA MILLAN | TUESDAY, 6 AUG 2013 12:15PMCentrepoint Alliance, the parent company of Professional Investment Services (PIS) dealer group, has approved the issue of up to $1.5 million of fully paid ordinary shares to Centrepoint and PIS managing director John De Zwart as a long term incentive. Related News |
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Have I got this right? Underlying profit is yet to be announced but is expected to be around $4million. Incentives increase in 6% bands, starting at a 33% increase over the $4 million i.e. $1.2 million increase. The CEO gets $500,000 of that increase in incentives. Wow!!!!! If the company (not the CEO) achieves a $1.44 million increase in underlying profit, the CEO gets $1 million of it, and if the company achieves $1.68 million increase in underlying profit, the CEO gets $1.5 million of it.
If that is right (and I hope I am wrong somewhere here) then that does seem one-sided in the extreme. There are rights that come with ownership that seem to be being ignored.