Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Ryall Must Answer On Bonus Pay-Outs

Clayton
COSGROVE
Spokesperson for SOEs
22 February 2013 MEDIA STATEMENT

Ryall Must Answer On Bonus Pay-Outs

Tony Ryall should have hauled in the chairman and directors of Solid Energy and made clear that paying out $23 million in bonuses to executives and senior management while the company was run into the ground was unacceptable, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Solid Energy has paid out $23 million in bonuses over two years while the company was collapsing. That’s incredible mismanagement. Tony Ryall is responsible for this company but his lack of oversight and mismanagement has seen it fall apart in two years.

“It’s astonishing to see executives and senior management paid millions in bonuses to run a company into the ground. The more the company is run down the more money you get. It’s Lehman Brothers stuff.

“Tony Ryall is the shareholding minister of Solid Energy and under the no-surprises policy he would have known of the bonuses in 2011. He should have called in the directors and made it clear that paying bonuses while profits plunge is not acceptable to the sole shareholder – the taxpayer. But the next year bonuses continued.

“In 2009 Bill English called in the SOEs and told them he wanted more money of out of them. If they can do that, the Government could have hauled in Solid Energy heads to make it clear they shouldn’t be paying executive bonuses while the company was failing.

“Tony Ryall blames rising coal prices but they’ve been on a downward trend for four years. National should have made it clear the company needed a plan to handle coal prices but they didn’t. The blame for Solid Energy’s collapse lies with the Government’s lack of monitoring and mismanagement.

“National’s obsession with selling off state assets forced the company into cutting jobs and investment so it could be spruced up and flogged off.

“Bill English and Tony Ryall need to front up and tell the people of New Zealand what they knew, when they knew it and why they sat back and did nothing,” says Clayton Cosgrove.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Anzac Issue Out Now: Werewolf 47

Hi and welcome to the 47th edition of Werewolf, published on the eve of Anzac Day. Its become a cliché to describe Gallipolli as the crucible of this country’s identity, yet hold on... Isn’t our national identity supposed to be bi-cultural... and wouldn’t that suggest that the New Zealand Wars of the 19th century is a more important crucible of national identity than those fought on foreign soil?

Yet as Alison McCulloch eloquently reveals in this month’s cover story, New Zealand devotes a mere fraction of its attention span and funding resources to commemorating the New Zealand Wars compared to what it devotes to the two world wars, Vietnam and Afghanistan... More>>

 

Parliament Today:

Crowdsourcing: Green Party Launches Internet Rights And Freedoms Bill

The Green Party has today launched the Internet Rights and Freedoms Bill, New Zealand’s first ever Bill crowdsourced by a political party. More>>

ALSO:

Gordon Campbell: On The Shane Jones Departure

Shane Jones has left Parliament in the manner to which we have become accustomed, with self interest coming in first and second, and with the interests of the Labour Party (under whose banner he served) way, way back down the track. More>>

COMMENT:

Multimedia: PM Post-Cabinet Press Conference - April 22 2014

The Prime Minister met with reporters to discuss: • The recent improvement in the economy with a growing job market • Income and wealth inequality • Easter trading laws • The New Zealander killed in a drone strike in Yemen... More>>

Easter Trading: Workers 'Can Kiss Goodbye To Easter Sunday Off'

The Government’s decision to “reprioritise” scarce labour inspector resources by abandoning the enforcement of Easter Sunday Shop Trading laws means workers can kiss goodbye to a guaranteed day off, says Labour’s Associate Labour Issues spokesperson Darien Fenton. More>>

ALSO:

ACT Don't Go For Maximum Penalty: Three Strikes For Burglary, Three Years Jail

Three strikes for burglary was introduced to England and Wales in 1999. As in New Zealand, burglary was out of control and given a low priority by the police and the courts. A Labour government passed a three strikes law whereby a third conviction for burglaries earned a mandatory three years in prison... More>>

ALSO:

Gordon Campbell: On Drone Strikes And Judith Collins‘ Last Stand

The news that a New Zealand citizen was killed last November in a US drone attack in Yemen brings the drones controversy closer to home. More>>

ALSO:

Elections: New Electorate Boundaries Finalised

New boundaries for the country’s 64 General and seven Māori electorates have been finalised – with an additional electorate created in Auckland. More>>

ALSO:

Policies: Labour’s Economic Upgrade For Manufacturing

Labour Leader David Cunliffe has today announced his Economic Upgrade for the manufacturing sector – a plan that will create better jobs and higher wages. More>>

ALSO:

Gordon Campbell: On The Life And ACC Work Of Sir Owen Woodhouse

With the death of Sir Owen Woodhouse, the founding father of the Accident Compensation Scheme, New Zealand has lost one of the titans of its post-war social policy. More>>

ALSO:

Bad Transnationals: Rio Tinto Wins 2013 Roger Award

It won the 2011 Roger Award and was runner up in 2012, 2009 and 08. One 2013 nomination said simply and in its entirety: “Blackmailing country”... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news