Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 

CCHL Directors’ Fees

18 November 2004

CCHL Directors’ Fees

An independent audit of directors’ remuneration of Christchurch City Holdings Ltd (CCHL) has recommended raising the fees to a more market-related level, but they are still at the low end of the market, according to CCHL director and Deloitte managing partner Bruce Irvine.

“Even with the recommended increase, CCHL’s remuneration of its directors is still quite low compared to the private sector,” Bruce Irvine said.

“I think the level recommended is realistic for a public sector company charged with a high level of responsibility,” he said.

“It’s important to set realistic fee levels so that we can attract quality people to be on the board, and it’s also important to ensure that the directors are appropriately paid for the workload and responsibility they take on.”

For CCHL, that involved the governance of a company with an annual turnover of $387 million and overseeing six local key infrastructure companies with combined assets of over $1.2 billion.

CCHL CEO Bob Lineham, said that the Auckland office of Sheffield Consulting, which was experienced in assessing directors’ fees, had recommended the fees be set in the lower range of market rates for the infrastructure sector, but this would still mean doubling the fees for councillor directors and a small rise for external directors.

CCHL is asking the Council to accept Sheffield’s recommendation that both external and councillor directors’ fees be raised to $28,500 (currently $22,500 for external directors and $14,000 for external directors) and the chairperson’s fees be raised to $52,500 (currently $28,000).

The Council will consider this issue following receipt of advice from the Office of the Auditor General on which Councillors will be able to vote on the issue.

From next month there will be four external directors (including the chairperson) and four councillor directors. Previously there were nine directors.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Werewolf: What Does Winston Peters Want His Legacy To Be?

A lot of people in New Zealand seem to resent Winston Peters and the power that he appears to have. “Appears” being the operative word. In reality, Peters will have power only up to the point that he uses it.

By next week, he’ll have become just another junior player in an MMP governing arrangement, battling to hold onto the gains he was promised. More>>

 

Rising Toll: Road Safety Needs To Be A Higher Priority

Official advice released to the Green Party under the Official Information Act shows that the previous National Government dismissed an option to make road safety its most important transport priority after being told the road toll was rising. More>>

ALSO:

Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election