Sappi Limited Board and Leadership Teams Implement Pay Cut; Confirm No Short-Term Incentive Bonuses for 2020
Sappi's board of directors and the group and regional leadership teams (Europe, North America, Southern Africa and Trading) have volunteered a 10 percent reduction in salaries or fees for the three months ending June 2020.
April 8, 2020 (Press Release) - Following from its 30 March 2020 market update statement on the impact of global actions to address the Coronavirus and Covid-19 impact, Sappi Limited wishes to announce that, in recognition of the uncertain trading environment which will persist for some time, the board of directors and the group and regional leadership teams (Europe, North America, Southern Africa and Trading) have volunteered a 10 percent reduction in salaries or fees for the three months ending June 2020. In addition, the leadership teams will receive no short-term incentive bonuses for 2020 financial year. The company's focus remains on the health and safety of its staff and supporting its customers, suppliers and communities as the pandemic and the actions to curb its spread continue to have significant negative trading and socioeconomic impacts. An update to the market will be provided at the time of Sappi's second quarter financial results announcement on 07 May 2020. Sappi is a leading global provider of sustainable woodfibre products and solutions, in the fields of Dissolving wood pulp, Printing papers, Packaging and speciality papers, Casting and release papers, Biomaterials and Bio-energy. For further informayion, visit: www.sappi.com. SOURCE: Sappi Ltd |