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Board Proposals Further Enhance Governance

The board of Contact Energy Ltd has been developing proposals to further enhance its corporate governance structures over recent months, Contact’s chairman, Phil Pryke, said today.

“Specific proposals, including proposals to entrench the level of independence of the Board, will be tabled at the company’s next Annual General Meeting, on February 11, 2003, for shareholder approval.

“Details of these proposed improvements will be announced shortly in conjunction with arrangements for the annual meeting.

“One benefit of these improvements is that they are anticipated to assist in insulating Contact from the effects of the ratings downgrade of Edison Mission Energy which was announced earlier today,” Mr Pryke said.

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