14/10/2019 - 15:17

Beament in line for big pay rise

14/10/2019 - 15:17

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Northern Star Resources executive chairman Bill Beament will have his fixed annual remuneration nearly doubled for the 2020 financial year, with the potential to earn up to $7.2 million.

Bill Beament will receive a base salary of $1.4 million.

Northern Star Resources executive chairman Bill Beament will have his fixed annual remuneration nearly doubled for the 2020 financial year, with the potential to earn up to $7.2 million.

Today, Northern Star told the ASX that Mr Beament will receive $1.4 million in base cash salary and superannuation, compared to $755,000 for the 2019 fiscal year.

Mr Beament can also receive a short-term incentive bonus of up to 113.75 per cent of his $1.4 million fixed annual remuneration, equating to $1.59 million, which can be delivered as 50 per cent cash and 50 per cent performance rights, or completely as performance rights.

He can also receive up to 300 per cent of fixed annual remuneration via a long-term incentive bonus, worth $4.2 million, which will all be through performance rights.

Inclusive of the incentive bonuses, Mr Beament has the potential to earn up to $7.2 million this fiscal year, compared to the $3.175 million he received in total last financial year.

Northern Star chief executive Stuart Tonkin will also receive a considerable pay boost.

His base cash salary and superannuation will rise from $620,000 to $1.1 million for this financial year.

Like Mr Beament, he can receive also receive a short-term incentive bonus of up to 113.75 per cent of his fixed annual remuneration, and a maximum long-term incentive bonus of 300 per cent.

This equates to $4.55 million, compared to the $1.61 million he received in financial year 2019.

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