Australia's NEXTDC CEO to forgo fiscal 2027 bonuses after forecast cut, project delay

Oct 26 : NEXTDC CEO Craig Scroggie will give up his fiscal 2027 bonus opportunities, the Australian data centre operator said on Monday, after it slashed its revenue forecast and paused future developments last week.

Here are some details:

• The company said the board has withdrawn the resolution proposing an approval of grant of performance rights and restricted rights to the CEO under the fiscal 2027 long term incentive plan.

• Current Chairman Douglas Flynn has reaffirmed his intention to retire from the board once a new chairman is in place, after a short handover period.

• The board expects to appoint two new non-executive directors in the first calendar quarter of 2027, NEXTDC added.

• The company said the board has also withdrawn the resolution seeking shareholder approval to increase the maximum aggregate annual remuneration of non-executive directors by A$300,000 ($210,660), with the incumbent non-executive directors also agreeing to an immediate voluntary 10 per cent reduction in their current fees.

• Last week, NEXTDC said delays to electricity network upgrades at one of its major Melbourne projects would mean about A$140 million worth of contracted customer revenue this financial year would be deferred.

• The firm is set to hold its annual general meeting on November 20.