Carbacid offices. [Photo/businessdaily.co.ke]Carbacid is the latest publicly traded company to increase compensation for its directors despite making loses for the financial period ending July 2017.
In its latest report, the NSE-listed company says that it paid the board Chairman Dennis Awori, Maina Wanjigi, Baloobhai Patel and Mukesh Shah an aggregated compensation of Sh12.4million for the period under review compared to the same period the previous year where the directors earned an aggregate of Sh. 11.4 million.
In the report, Carbacid says that the compensation is in line with the company’s policies to fairly remunerate its members in line with their performances.
“It is the company’s policy to fairly remunerate directors for the role and responsibilities that they undertake for the group and company,” the report reads in part.
“The remuneration is determined by the board nomination, remuneration and governance committee by reference to market forces,” the report reads further .
The latest report from the NSE listed company shows that its gas division recorded Sh. 589.3 million representing a 29.1 per cent decline compared to the same period last year and 38.4% drop when it made sh.956.8 million at its peak in 2013.