Domino’s directors want a bigger slice of surging pizza profits
After a year of stellar success, Domino’s directors have asked for a $400,000 increase in the pool of money used to pay non-executive directors’ fees.
Domino's Don Meij has revealed a shakeup of the business (pic: Domino's)
The board wants the 28 per cent increase to $1.8 million in directors’ fees approved by shareholders at the upcoming annual general meeting.
Also included is the approval of remuneration of managing director Don Meij whose could earn a salary of $1.2 million, a short-term incentive of up to $1.8 million and a long-term incentive of $3.1 million.
The company said the remuneration for Meij was reasonable and appropriate given the performance hurdles.
It said the boost in funds for non-executive directors did not represent the remuneration of directors but was a “fee pool” available to engage directors.
“The increase in the fee cap will enable the board to hire additional directors in the future,” Domino’s said.
“The board reviews the fees for directors every three years and the fees payable for 2022, based on the current number of directors, will be less than $1.4 million.”
The company has been one of the stand out successes of the pandemic. Its shares have risen 87 per cent in the past year and Meij has instituted a new management structure to help double the number of stores over the next decade.
