Australian data-center operator NEXTDC said chief executive Craig Scroggie will give up his fiscal 2027 short-term and long-term incentive opportunities as it responds to a power-supply delay at its Melbourne M3 project.
The company’s October 26 announcement, released Monday morning in Australia, said he would receive no cash or other replacement award. The board withdrew the proposed incentive grant from the November 20 annual meeting.
Incumbent non-executive directors also agreed to an immediate 10% cut in their fees. A proposal to raise their combined annual remuneration ceiling by A$300,000 was withdrawn, retaining the existing A$2.2 million limit.
Chairman Douglas Flynn reaffirmed plans to retire after a successor is appointed and a handover completed. The company expects two new independent directors in early 2027.
The new compensation and board measures follow revised financial guidance announced October 21 after the M3 electricity delay.