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Sense should have prevailed among Nuplex shareholders

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

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