THE chief executive of Bowleven, Kevin Hart, has failed to qualify for a bonus for a second year running but is in line to collect shares worth about £40,000 under an incentive scheme.
The annual report of the Edinburgh-based oil and gas company reveals it paid no performance-related bonuses to any directors in respect of the year to June.
Mr Hart could have collected a bonus worth up to 100 per cent of his $627,000 (£399,000) salary.
In the report Aim-listed Bowleven said 20 per cent of executive directors' bonuses are calculated with reference to personal objectives set by the chairman or chief executive with 80 per cent based on the group's performance against the key corporate performance indicators for the year.
Mr Hart had been in line for a maximum performance-related payout of $609,000 in the year to June 2013.
Four other directors of the Africa-focused company had bonuses totalling $171,000 in that year, with Chief Tabetando getting $90,000.
Bonuses totalling $532,000 awarded in 2012 remain deferred.
Six directors, including Mr Hart and Chief Tabetando, will collect shares awarded under a long-term incentive programme dating from 2009 if Bowleven completes the $250m sale of its Cameroon stake it agreed in June. This is subject to an official decree from Cameroon's President Biya.
The awards should have vested in December 2012 but the directors agreed they should be deferred.
Mr Hart will get 117,000 shares if the farm-out completes, worth £39,295 at yesterday's closing price of 33.5p for Bowleven shares.
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