Vehicle accessories company ARB (ASX:ARB) has made moves to reduce board and management renumeration.
Chairman Roger Brown, Managing Director Andrew Brown and director John Forsyth have chosen to take a 50 per cent reduction to their total remuneration excluding Andrew’s motor vehicle benefit.
All remaining directors of the Board will take a 30 per cent reduction to their director fees and senior management will take a 30 per cent reduction to their total remuneration excluding motor vehicle benefits.
These reductions to remuneration will remain in place whilst the Company trades through the current challenging economic environment due to the coronavirus.
Shares in ARB (ASX:ARB) are trading 0.22 per cent lower at $13.48.