Metgasco CEO gets $360k reward
METGASCO chief Peter Henderson looks set to profit handsomely from his time with the coal-seam gas company as does chief financial officer Glenda McLoughlin.
The pair were issued shares in the company at its recent annual general meeting as incentive payments.
Mr Henderson was issued 845,161 shares, while Ms McLoughlin was issued 596,774.
With shares in the company currently trading at about 43 cents, Mr Henderson's shares would be valued at more than $360,000 while Ms McLoughlin's would be valued at more than $255,000.
"Metgasco has a policy of providing its staff, directors included, with short and long-term incentives," Mr Henderson said.
"These incentives are in place to motivate employees and reward performance.
"A number of Metgasco staff are awarded deferred equity in the company as part of our remuneration strategy," he said.
Mr Henderson also noted that the issues were approved by the company's shareholders and that the shares were "locked for three years and to be eligible senior management must remain with the company for this time".
However, while the shareholders agreed with the payments, Kyogle Group Against Gas spokeswoman Boudicca Cerese said communities affected by coal-seam gas would not.
"Given the performance of these directors and the lack of engagement with the local community the local community would not be giving them a bonus; they would be getting penalised for their poor performance," she said.