TRUSTCO ISSUES SHARES TO INDEPENDENT NON-EXECUTIVE DIRECTORS
Windhoek, Khomas, Namibia, 13th Aug 2024 – Trustco Group Holdings Limited (JSE: TTO; NSX: TUC; OTCQX: TSCHY) is pleased to announce a proposal for ad hoc compensation in lieu of historical Independent Non-Executive Directors (INEDs) compensation during successive years.
The INEDs voluntarily implemented a 20% reduction in their compensation, effective 1 April 2020. The reduction was implemented alongside the Company’s proactive response to the unknown economic ramifications of the COVID-19 pandemic at the time and was part of a comprehensive strategy to bolster the Company’s reserves. The reduced compensation structure remained in effect through 2022, at which point a further organizational restructuring resulted in additional reductions. This revised compensation framework has remained c...