5 October 2001 Media Statement

Big parachute payments would be bad example

Finance Minister Michael Cullen said today he was “appalled” at the prospect that outgoing directors of Air New Zealand could receive large golden parachute payments.

“The government does not yet own shares in Air New Zealand and will not do so until the New Year. It is therefore not in a position to exert any direct influence over these payments.

“But at a time when Air New Zealand clearly faces serious problems and the likelihood of restructuring, these kinds of payments would set a very bad example from the top,” he said.

ENDS

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