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Higher duties of HBRIC Ltd Chief Executive recognised

Media Release
26 February 2014

Higher duties of HBRIC Ltd Chief Executive recognised

The higher duties of the Hawke’s Bay Regional Council’s Investment Company (HBRIC Ltd) Chief Executive Andrew Newman have been recognised.

Mr Newman was seconded from his position of HBRC Chief Executive to HBRIC Ltd as its Chief Executive in July last year to progress the Ruataniwha Water Storage Scheme.

His role involves several inter-related work streams, working towards presenting a business case and recommendation to Council on whether it should invest in the Scheme. This work includes:
• Seeking multiple resource consents,
• Obtaining a design and construction tender at an acceptable contract price,
• Raising capital from institutional, Government and local investors for the scheme on acceptable terms, in addition to Council’s potential investment,
• Establishing the legal and commercial arrangement for the entity that will implement the project,
• Establishing water supply agreements with farmers and achieving a viable threshold of committed water uptake.

It was a unanimous recommendation of the independent directors of HBRIC Ltd that the higher duties of the role be recognised through a temporary higher duties allowance.

The Ruataniwha Water Storage Scheme has been described as the largest irrigation project ever undertaken in New Zealand, and HBRIC Ltd Board Chairman Andy Pearce says the board considers the complexity and impact of the tasks that need to be undertaken warrant a higher level of remuneration than that of Council Chief Executive.

HBRIC Ltd recommended to Council an increase in Andrew Newman’s total remuneration package from $295,500 per year to $340,000 per year for the period 1 July 2013 to 31 December 2013, and to $380,000 from 1 January 2014 until Mr Newman’s secondment ceases. As the Hawke’s Bay Regional Council is the underlying employer of Mr Newman Council approval for the temporary increase was sought and granted.

Andrew Newman remains an employee of Council and is expected to return to the role of Council Chief Executive in mid-2014, at which time his total remuneration package will revert back to $295,500 per year, approved by Council in September 2013.

ENDS

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