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TVNZ board meets with shareholding ministers

16 December 2004

TVNZ board meets with shareholding ministers

The two shareholding Ministers for TVNZ, Dr Michael Cullen and Steve Maharey met this morning with the remuneration committee of the board of TVNZ.

The board was asked to explain the failure of process around advising the government under the "no surprises" policy, and the basis of their decision-making processes around setting the remuneration for Judy Bailey.

"While the board accepts there is a failure of process its decision was made in good faith. While Dr Cullen and myself accept it was made in good faith, we remain unconvinced about the outcome and expressed our disappointment at what we saw as a clear failure of process," Steve Maharey said.

"The three members of the remuneration committee tendered their resignations. On balance we have decided not to accept these and have asked the board to ensure changes are made.

"The board undertook to thoroughly and immediately review their processes in relation to communicating key decisions to the shareholding ministers and the setting of senior levels of remuneration within the company.

"From the government's perspective, a no surprises approach is absolutely crucial to ensuring a good working relationship with a Crown company such as TVNZ.

"The shareholding ministers will be writing to the board today setting out our views and the changes that were agreed at today's meeting. The board has given an assurance that it will undertake this review in the near future.

"It is crucial to us that the basis on which senior levels of remuneration are set within TVNZ has a sound, robust and transparent basis to it."

ENDS

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