| Melbourne, Australia, 1 April 2022 | ASX: XETRA-DAX: Level 1 ADR: |
CUV UR9 CLVLY |
CLINUVEL PHARMACEUTICALS LTD today announced that it has extended the Employment Agreement with the Company’s Managing Director, life science executive Dr Philippe Wolgen, for a term of three years, ending 1 July 2025.
In accordance with its Board Charter, the Board of Directors delegates its responsibility to the Remuneration Committee to arrive at appropriate, fair and comparable remuneration practices for its key executives.
In its assessments, the Committee seeks to attract and, where possible, to retain professional leadership to navigate the Company through various development and commercial cycles. The Committee actively seeks third-party advice from remuneration experts and legal professionals specialised in executive employment agreements, consistent with prevailing market conditions in the sector and benchmarking executive remuneration against international peers.
“The combination of entrepreneurship and the depth of knowledge provided by Dr Wolgen in the specialised fields of CLINUVEL’s activities has been, and will continue to be, key to the success of this business and to the benefit of patients,” CLINUVEL’s Vice Chair, Sue Smith said.
“In 2020, the Remuneration Committee set out to simplify executive agreements by removing Business Generating Incentives, and Loyalty and Long Service Awards, although these incentives are seen as common practice in life sciences,” CLINUVEL’s Chair, and Head of Remuneration Committee, Willem Blijdorp said. “The Remuneration Committee has achieved this goal today, whereby the executive agreements consist now just of a base remuneration and annual Key Performance Indicators.”
“During times when world economics and commerce have proven uncertain, the last thing we wanted to see was our CEO finishing his work at CLINUVEL to take up other activities. After a year of internal discussions, we are happy to see Philippe’s agreement in place giving continuation and stability; at the same time, we also managed to retain the services and leadership of our appreciated CFO, Mr Darren Keamy, who has agreed to extend his employment until 1 July 2024. With this extension, we provide certainty on CLINUVEL’s leadership as it grows into a diversified specialty pharmaceutical group,” Mr Blijdorp said.
