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NZ Post Ceo's Salary Has Not Increased To $1.2Mn

NZ Post Ceo's Salary Has Not Increased To $1.2 Million

For immediate release 10 February 2002

NEW ZEALAND POST CEO'S SALARY HAS NOT INCREASED TO $1.2 MILLION

New Zealand Post Chairman Dr Ross Armstrong has strongly denied claims made by MP Murray McCully, as reported today in the Sunday Star-Times, that the Chief Executive's salary had increased to $1.2 million.

"Last year the remuneration sub-committee of the New Zealand Post Board approved an increase to Mr Toime's fixed remuneration of 2.5 per cent, in line with market conditions," Dr Armstrong said.

"The fixed component represents around 70 per cent of Mr Toime's total remuneration package. The remaining 30 per cent is comprised of an 'at-risk' component based on the achievement of personal performance objectives, which in Mr Toime's case includes company financial targets. The 30 per cent is the maximum possible achievement in the 'at-risk' component.

"Mr Toime's total remuneration, including fixed and 'at-risk' components, for the previous financial year was reported in the 2001 New Zealand Post annual report as a salary band of $540,000 to $550,000.

"In considering the Chief Executive's salary for 2002, the sub-committee sought external advice from PricewaterhouseCoopers. That advice suggested a salary band of $800,000 to $1.1 million. The sub-committee balanced this advice against its own judgement as to the overall structure and performance of the business and prevailing market conditions.

"Taking into account the 2.5 per cent increase to fixed remuneration and even allowing for the maximum possible achievement in the 'at risk' component, Mr Toime's total remuneration for 2002 will be well below the $800,000 figure recommended by PricewaterhouseCoopers as the bottom end of the salary band."

This substantive information was provided by New Zealand Post to the Sunday-Star Times journalist over two weeks ago, yet went unreported.

The 2002 remuneration for all New Zealand Post salaries over $100,000, including Mr Toime's, will be published in the 2002 annual report later this year.

ENDS

For further information: Simon Taylor, Acting National Communications Manager 025-248-6715

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