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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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