Paper and packaging company Sappi’s board of directors and the group and regional leadership teams from Europe, North America and Southern Africa have volunteered to take a 10% reduction in salaries or fees for the three months ending June 30.
This is in recognition of the uncertain trading environment that will persist across the world for some time, in light of Covid-19.
Additionally, the leadership teams will receive no short-term incentive bonuses for the 2020 financial year.
Sappi remains focused on the health and safety of its staff and supporting its customers, suppliers and communities as the pandemic persists.
The company confirms it will provide a market update around May 7.