SLM Corporate is pleased to announce that it has acted as independent adviser to the Remuneration Committee of the Board of Clinuvel Pharmaceuticals Limited in relation to the reasonableness of a proposed grant of performance rights to the Managing Director, and new remuneration arrangements for the Managing Director and Chief Financial Officer.
The proposed remuneration packages aimed to incentivise Clinuvel’s senior executives for achieving long term objectives, while awarding part of their incentives in Clinuvel equity in order to align their objectives and performance fully with the interests of the company’s shareholders.
SLM undertook benchmarking of the proposed packages against local and international comparable peers to Clinuvel, and also considered the experience of the executives and their track record of value creation for Clinuvel. SLM’s findings and opinion as to the reasonableness of the proposed packages were presented to the Clinuvel Board’s Remuneration Committee.
Clinuvel is an ASX-listed global biopharmaceutical company focused on developing and delivering treatments for patients with a range of severe genetic and skin disorders. The award of the proposed performance rights was conditional on the US Food and Drug Administration (“FDA”) approving Clinuvel’s lead drug, SCENESSE®, for distribution to EPP patients, to enter the US market. This FDA approval was granted on 9th October 2019.
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Ph: 03 9244 9644 or 0419 032493