Offshore survey company Polarcus has appointed a new director to its board and approved a new employee incentive plan at its annual general meeting (AGM) in Dubai on Monday.
Monish Sahni will serve as a director of the Oslo-listed company until Polarcus' 2020 AGM.
Sahni spent 20 years of his career at Citigroup, where he rose to become global portfolio manager of the bank's shipping and logistics industries segment between 2003 and 2008.
After that, Sahni spent eight years at London-based asset manager CGS.
He now works for Auld Partners, a "boutique" shipping finance firm founded by Robin Das, former head of shipping at HSH Nordbank and WestLB and ex-head of European shipping at JP Morgan.
"[Sahni] has diverse sector experience including the shipping and logistics industries, offshore drilling, oil services and industrials," Polarcus said.
New incentive plan
Polarcus' 2019 AGM also resolved to raise the company's authorised share capital for use in its new long-term incentive plan, which was also approved at the meeting.
A total of 9.9 million authorised shares worth $990,000 will be raised, which will be available for issuance by the company's board as awards under the incentive plan.
As a result of the decision, Polarcus' authorised share capital stands at $60.1m divided into 600,989,157 shares of a nominal or par value of $0.10 each
