Ora Banda Mining Ltd (ASX:OBM) has adjusted the remuneration arrangements for managing director Luke Creagh, and extended his contract agreement for a further five years to June 30, 2030.
The company advises that following “the significant improvement in the performance and financial viability of the company since the appointment of Creagh to the position of CEO/managing director in July 2022, Ora Banda has determined to bring Creagh’s remuneration package in line with market.”
Ora Banda chair Peter Mansell said: “We are delighted that Luke will be able to continue to lead Ora Banda Mining into its next phase of growth.
“Luke has been instrumental in designing and delivering the new strategy for Ora Banda, and we are confident that under his strong leadership, we will be able to continue to deliver exceptional results.”
A review has been undertaken by the company’s remuneration and nomination committee, in conjunction with an independent remuneration consultant lifting Creagh’s total fixed remuneration to $750,000 effective July 1, 2024, to ensure “he is rewarded in line with peer companies”.
Creagh is also eligible to participate in short-term and long-term incentives and “one-off” performance and retention rights incentives.
The company says the new remuneration package will align the managing director’s performance with the company’s “Drive to 150” strategy and creation of shareholder wealth.