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Savannah Resources implements incentive plan for executives and management
Resource development company Savannah Resources announced on Friday that, upon the recommendation of its remuneration committee, it has approved the implementation of a long-term incentive plan prepared with advice from KPMG, and designed to incentivise its executive directors and other members of the senior management team.
The AIM-traded firm said the plan had been established to encourage long-term value creation for shareholders, and to further align the interests of the participants with shareholders.
Awards under the incentive plan were to be structured in accordance with the company's respective project operations in Portugal, Oman and Mozambique.
The board said it believed that the establishment of the plan and its performance conditions would incentivise the participants, and help to attract talented individuals in the future as the form expedited the development of its mining projects.
"The purpose of the LTIP is to focus management on achieving our key strategic goal of building cash generative and profitable mining operations," said chairman Matthew King.
"The performance conditions are intended as objective measures of our progress."
Savannah said the incentive plan would provide for certain awards to be made to participants upon the achievement of specified performance conditions determined by the company's remuneration committee, and approved by the board.
The company's non-executive directors would not be eligible to participate in the long-term incentive plan.