Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news