Sense should have prevailed among Nuplex shareholders

Thursday, 1 November 2012, 4:01 pm
Press Release: First Union

November 1, 2012

Sense should have prevailed among Nuplex shareholders

A union representing workers at Nuplex Industries has slammed moves to whack up director fees at a time when the company is laying off workers on both sides of the Tasman.

At Nuplex Industries’ Annual General Meeting today, a motion to increase the directors’ fees pool was initially voted down on a show of hands, but was then passed with a formal vote.

The result is an increase in the directors’ fee pool of around 28 per cent, and FIRST Union General Secretary Robert Reid said that this was entirely inappropriate at this time.

“We were astounded that Nuplex would be proposing such a move at a time when they are laying off staff. It shows a complete lack of judgement.”

“We had hoped that shareholders would have similarly seen sense to vote down the increase, as the Shareholders Association and others had called for.”

The National Distribution Union and Finsec joined forces in October 2011 to form New Zealand’s newest union – FIRST. The union represents 27,000 people working in Finance, Industrial (Textile and Wood) Retail, Stores & Transport. http://firstunion.org.nz

ENDS

Business Headlines | Sci-Tech Headlines

BUSINESS, SCIENCE & TECH > >

Scoop Business: MRP Senior Managers In Line For $1.2M In Bonus Shares

Senior executives of newly listed, state-controlled MightyRiverPower are in line for shares in lieu of cash bonuses worth $1.2 million for the year to June 30, one of the company’s first disclosures to the NZX and ASX as a listed company show. More>>

ALSO:

Mighty River Power - IPO signals next phase in evolution of Mighty River Power

Scoop Business: NZ Houses Overvalued By 25%, IMF Says

New Zealand housing is already overvalued by about 25 percent and if it continues to rise may force the Reserve Bank to hike interest rates, according to the International Monetary Fund. More>>

ALSO:

International Monetary Fund - IMF Concludes Consultation with New Zealand, Releases Report
NZ Govt - IMF confirms New Zealand has the right balance
Greens - IMF confirms National’s failure to rebalance economy

Odometer Moments: CO2 Hits 400ppm

As the amount of heat-trapping carbon dioxide in the atmosphere hit the symbolic milestone of 400 parts per million (ppm), youth climate change organisation Generation Zero says it is time for New Zealand to rise to the challenge of building a zero carbon future. More>>

Trust Planned: Shared Vision For Mackenzie Basin Welcomed

Conservation Minister Dr Nick Smith and Environment Minister Amy Adams today welcomed a report proposing a way to manage the contentious land intensification, water, landscape, and biodiversity issues in the Mackenzie Basin. More>>

ALSO:

Scoop Business - Deadlock breaks on plans for Mackenzie Country dairying
Labour - MacKenzie plan about development not conservation
Greens - Greater commitment needed to protecting Mackenzie Basin
Environmental Defence Society - EDS welcomes successful outcome of Mackenzie Country forum
Federated Mountain Clubs - Call for the govt to fund Mackenzie Country Trust
District & Regional Councils - Councils Working Together re: Mackenzie Country Trust
Federated Farmers - Mackenzie agreement confirms it is a working landscape
2010 image - Iconic NZ Landmark Celebrates 75 Year Milestone

Scoop Business: Fidelity Acquires Most Of Tower’s Life Business For Net $70M

Fidelity Life Assurance has acquired most of Towers life insurance business for a net amount of about $70 million, propelling the closely held company to the third-largest in the market. More>>

ALSO:

Fidelity Life - Fidelity Life becomes NZ’s third largest life insurer
Tower - TOWER Life business sold to Fidelity

The Friendly Skies: Air NZ Pressures Regulator To Drop ‘Untenable’ Cartel Case

Air New Zealand, the national carrier slated for a partial sell-down by the government, has ramped up pressure on the Commerce Commission to drop its long-running pursuit of the airline’s alleged involvement in a global cartel on air cargo surcharges. More>>

ALSO:

Air NZ - Air New Zealand seeks court declaration - Cargo case: key witness retracts evidence

Scoop Business: NZ Jobless Rate Falls To 6.2% On Record Employment Jump

New Zealand’s jobless rate fell to a three-year low in the first three month of the year as the employment rate grew for the first time in four quarters, fuelled by demand for workers in Canterbury. More>>

ALSO:

Statistics NZ - Labour Market Showing Signs of Improvement
NZ Govt - HLFS shows encouraging job growth - Budget 2013: Expansion of Māori and Pasifika trades training
Labour - Disaster recovery is not a plan for jobs - Unemployed Kiwi youth rate no cause for celebration - Pacific unemployment far too high
Greens - Key fails to keep jobs promise
CTU - Aim should be jobs for all
BusinessNZ - Cautious optimism in employment data

New SOP: No Patents For Computer Software

“Following consultation with the NZ software and IT sector, I am pleased to be further progressing the Patents Bill with this SOP. These changes ensure the Bill is consistent with the intention of the Commerce Select Committee recommendation that computer programs should not be patentable,” says Mr Foss. More>>