Origin Energy has scrapped plans to grant equity incentives potentially worth more than $3 million to managing director Grant King.
The company had planned to seek shareholder approval to grant shares and rights to shares to Mr King, and finance director Karen Moses, as part of its short and long term bonus arrangements.
The bonuses would have been subject to performance and their value determined by Origin's share price when the grants were awarded, but at current levels Mr King stood to gain almost $3.2 million in shares, and Mrs Moses more than $1.5 million.
But after recently launching a $2.5 billion capital raising and another $2.2 billion in savings measures to help cut debt and maintain an investment grade credit rating, the resolutions will no longer be voted on at Origin's annual general meeting.
"We believe the decision to not proceed with the resolutions is appropriate," chairman Gordon Cairns said.
