A first? ASX board wants a pay cut

|Daily Telegraph |SCOTT ROCHFORT

Media

THIS surely must be a first for corporate Australia. An ASX-listed company has requested its shareholders to back a proposal to have the fees it pays its directors cut from $1.2 million to zero.

The Future Generation Fund, which raised $200 million when it was backdoor listed in September, has requested its shareholders back the plan in its notice for its November 28 general meeting. "Given the charitable nature of the company, all directors agreed to forego the payment of fees for their services from 1 July 2014," said the notice from the company which gives 1 per cent of its assets every year to children’s charities. The fund’s main backer and one of its directors is the fund manager Geoff Wilson. Should be interesting to see how many shareholders vote against the pay cut.