Investment group Perpetual has announced plans to significantly cut its executive remuneration deals, significantly restructure the company and to put a halt to ongoing losses.

 

Perpetual chairman Peter Scott is reportedly having his pay cut by as much as 40 per cent, while the company's non-executive directors will have their pay slashed by as much as 25 per cent. The announcements come as the company outlined a $50 million investment spend to achieve $50 million in savings per year by 2014.

 

The announcements form part of the company's Transformation 2015 strategy, aimed at reshaping the company as a 'large independent boutique wealth manager .'

 

"Over the next three years, Perpetual will embark on a transformation strategy that will significantly simplify its corporate structure, refocus its operational activities and capture new opportunities for growth," Perpetual CEO Geoff Lloyd said.

 

The company's full ASX statement can be found here (.pdf)