Saturday April 5,2014 : BONUS TIME FOR BWIN.PARTY EXECS
But a third of shareholders are less than happy with share awards.
Bwin.Party Digital Entertainment's controversial new share awards to top management are now in effect, despite a third of shareholders opposing the plan, which was justified on grounds that the company's share price had fallen so far that the previous incentive and bonus packages became untenable.
With the company's market capitalisation shrunk by almost 40 percent, the generous new scheme appears to reward a continuing dismal performance, but it was voted in anyway in February this year.
Chief executive officer Norbert Teufelberger benefits most from the changes, picking up a total of 1,366,659 bonus and incentive plan shares pegged at GBP 1.27 a share for a total value of GBP 1.73 million and change.
Further down the pecking order, chief financial officer Martin Weigold gets a total of 945,313 shares, and non-executive director Manfred Bodner can claim a total of 441,543 shares.