TBC Bank executive waives rights to 2020 bonuses
By Josh White
Date: Monday 06 Apr 2020
(Sharecast News) - TBC Bank updated the market on its executive remuneration plans on Monday, in light of the ongoing Covid-19 coronavirus pandemic.
The FTSE 250 company had confirmed the measures it implemented on 3 April, which it said had allowed it to alter its day-to-day operations in order to adapt to the current, "unprecedented" operating environment, while maintaining the health, safety and well-being of its staff and customers.
It said on Monday that it was focusing on optimising its cost structure, rearranging many processes and prioritising expenses.
"As part of this, and in recognition of the current extraordinary circumstances, the executive directors of TBC Bank Group and top management of JSC TBC Bank have volunteered to waive all their rights to potential bonuses and long-term incentive plan grants for 2020, which usually represents the majority of total compensation," the board said in its statement.
"The board continues to closely monitor the impact of Covid-19 on the group, recognising that circumstances continue to change rapidly and that further measures may be necessary."
At 1012 BST, shares in TBC Bank were flat at 650p.
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