6th May 2020 10:53
(Alliance News) - Bank of Georgia Group PLC on Wednesday said it has sharply cut executive management remuneration, with its senior executive management team all taking pay cuts.
The bank's senior executive management team have agreed to take a 20% cut to their 2020 fixed cash salary effective from March 1.
Meanwhile, CEO Archil Gachechiladze will be contributing half his 2020 fixed cash salary towards charities in Georgia.
In combination, the salary reduction and "current Covid-19 impact on the group's share price" have resulted in an approximately 40% cut to 2020 executive management remuneration.
Shares in Bank of Georgia were up 0.2% at 939.00 pence in London on Wednesday morning. However, they are down approximately 43% since the start of 2020.
By Anna Farley; [email protected]
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