Surveying firm Veris has made a number of changes to its board, including Adam Lamond stepping out as managing director, as it deals with the impacts of the coronavirus pandemic.
Surveying firm Veris has made a number of changes to its board, including Adam Lamond stepping out as managing director, as it deals with the impacts of the coronavirus pandemic.
Veris told the market today it was well positioned to navigate the uncertain situation as a result of COVID-19 but would be taking measures to ensure the continuity of the business.
Its shares were down 6.3 per cent at 12:30pm AEDT to trade at 30 cents.
Veris has agreed directors fees will be reduced by half, while non-executive directors and the leadership team have agreed to a 25 per cent cut to remuneration.
Remuneration for the company's shared services and regional leadership team will be reduced by 20 per cent.
Further, Mr Lamond, who is also the firm's major shareholder, will transition into an executive director role on a part-time basis after leading the company for three years.
Mr Lamond’s remuneration of $444,567 will continue until April 30, after which a new fixed remuneration of $222,283 will apply.
Meanwhile Lisa Wynne, who was acting as interim chief financial officer, will resume her former role as company secretary and head of commercial on a part-time basis.
She will be replaced as CFO by accountant Steve Harding, effective today.
Mr Harding has previously held senior leadership roles with professional services and advisory firms PwC and KPMG.
Veris did not name a new managing director.
Internationally focused explorers Otto Energy and Eagle Mountain Mining have also introduced cost-reduction measures today along with Hammer Metals, which has projects in Western Australia and Queensland.
Mt Lawley-based Hammer Metals said its non-executive directors will have their remuneration reduced by half, while managing director Dan Thomas and chief operating officer Mark Whittle will each receive 30 per cent cuts.
Hammer’s announcement comes one week after the company suspended drilling activities at the Bronzewing South gold project in WA.
Hammer said a restart of the program would be considered when the impact of COVID-19 becomes clearer.
Similarly, Eagle Mountain Mining employees along with chief executive Tim Mason have agreed to a 20-30 per cent pay cut, while director fees have been waived for the remainder of the financial year.
Meanwhile, Otto Energy announced its chairman Ian Boserio will be stepping down from the role as part of a board renewal process, while its managing director Matthew Allen has accepted a 50 per cent reduced remuneration.
Otto shares closed up 25 per cent today to trade at 0.5 cents.
