The directors of Australia's leading residential and commercial share property websites - the REA Group - are set to get a pay rise at the company's Annual General Meeting in November this year, reports Crikey.com.
The REA Group operates Australia’s leading property websites inluding: realestate.com.au, realcommercial.com.au andflatmates.com.au, alongside a host of European sites. It's a multinational digital advertising company specialising in property and is the dominant online real estate business in Australia - more than 60% of the business is owned by the Murdochs’ News Corp.
The company's issue of notice was released this morning, indicating that directors could receive a pay increase of close to 58% at the group's AGM in November.
Its notice read:
“That, in accordance with rule 7.3(a) of the Company Constitution and Listing Rule 10.17, the maximum aggregate Directors’ fees payable to Non-executive Directors per annum be increased by $550,000 from $950,000 to a maximum of $1,500,000.”