Mattioli Woods CEO Ian Mattioli has decided to give up more than 60% of basic salary from the next month as the company seeks to protect its financial position.
The move comes after he chose to forego his entire basic salary from April to June in response to the current crisis triggered by Covid-19 pandemic.
In a statement, Mattioli said: “Ensuring our clients and the Group are in a strong position is key. Having reduced my basic salary to zero from 1 April I am happy to take an ongoing reduction of over 60% of basic salary from 1 July, which sits alongside the positions we have agreed regarding other senior executives’ pay and staff bonuses, all of which enable us to start the new year with clarity around our financial position and strategic plan.
“I believe that providing our people with security around their own positions will see our clients and the business through this complex period.”
In a business update, the British wealth management company noted that it expects total revenue for the year ended 31 May 2020 will be marginally ahead of the previous financial year.
With most of its revenue channels fee-based, Mattioli Woods’ earnings are less sensitive to market volatility, the company further noted.
The wealth manager has reduced the basic salary of fees of board directors by 50% until 30 June, as part of its cost cutting measures.
The salaries of executive directors are temporarily rebased from the next month. Remaining staff and director bonuses for this financial year were suspended.
Mattioli Woods has also reviewed its administrative expenses to achieve further cost savings.