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Shareholders hit Sigma with first strike over executive bonuses

The company had an eventful 2019, telling investors it would embark on a program called ‘Project Pivot’ to realise $100 million worth of savings in two years and then facing a failed takeover bid from its rival, Australian Pharmaceutical Industries.

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Outgoing chairman Brian Jamieson said at the online AGM the company had put in place incentives over a two-year period for staff to ensure retention in the face of these challenges. He said it was “the right thing to do” to ensure key staff remained with the business, though took the vote from shareholders on board.

“The board will consider the concerns raised through this process,” he said.

Chief executive Mark Hooper said the coronavirus pandemic had not slowed down its cost-reduction plan. He said sales volumes were up 70 per cent in March and up to 80 per cent compared to the previous year. “We brought in additional labour to deal with demand – this period has provided an unprecedented test of our team members,” he said.

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