Pay rise for AusCann CEO

15/06/2017 - 15:19

The chief executive of medical cannabis company AusCann Group Holdings has received a boost to her salary package, which will net her about $360,000 in cash for FY17.

Elaine Darby's salary has increased from $200,000 to $310,000 per annum.

The chief executive of medical cannabis company AusCann Group Holdings has received a boost to her salary package, which will net her about $360,000 in cash for FY17.

Elaine Darby’s base salary has increased to $310,000 per annum, plus superannuation.

Her package also includes a $50,000 bonus payable at the end of FY17.

In future years, she will be eligible for a short-term incentive of up to $85,000 based on key performance achievements, payable in cash.

Ms Darby’s remuneration package has been updated to bring her remuneration into line with market rates,” AusCann said in a statement.

“The board of AusCann was assisted in its review of Ms Darby’s remuneration by an independent firm of remuneration consultants and an independent external remuneration benchmarking process was also undertaken.”

Ms Darby’s new base salary puts her in line with chief executives of two other recently-listed WA companies - Ausnet Financial Services boss Paul Niardone has a base salary of $300,000 according to Business News research, and ServTech Global Holdings CEO Brett Quinn is on the same pay packet.

Other CEOs to feature in the research include Quantify Technology Holdings’ Mark Lapins, who earns $413,000 per annum, Battery MineralsDavid Flanagan, who earns $465,000, and Primary Gold’s Garry Mills, who earns $350,000.

By contract, the chief executives at tech companies such as rent.com.au, Panorama Synergy, Pointerra and Cirrus Networks all have a base salary of $250,000 or less. 

Ms Darby's pay rise follows the vesting of performance shares, which delivered a windfall to her and other directors at the company.

Meanwhile, AusCann also announced today it had appointed international medical cannabis expert Danial Schnecter as its new chief medical adviser.

“After working alongside some of Canada’s leading researchers in the field of medical cannabis, he developed a strong interest in the therapeutic use of cannabinoids,” AusCann said.

“As a recognised medical expert in the field of prescription cannabinoids and medical cannabis, Dr Schecter has given numerous presentations to fellow physicians and developed educational programs on this subject.”

AusCann shares were 1.4 per cent lower to 35 cents each at the close.

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