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

 


Next steps in Mighty River Power for minority share offer


Hon Tony Ryall
Minister for State Owned Enterprises

4 April 2013 Media Statement
Next steps in Mighty River Power for minority share offer

In preparation for offering minority shares in energy company Mighty River Power, Cabinet has agreed to adjust the level of fees MRP directors are paid to bring them more into line with comparable listed companies, State Owned Enterprises Minister Tony Ryall says.

“Fees need to be at a level that will attract and retain directors who have the required governance skills to operate effectively in a listed company environment.” Mr Ryall says.

When Mighty River Power is listed, annual director fees will increase from $49,000 per year to $85,000 for each director, and from $98,000 to $150,000 for the Chair. There will also be a general pool of $85,000 for committee work to be distributed by the board.

“We are advised that the current fees for MRP directors are well below those paid by comparable listed companies. We understand directors of similar sized companies listed on the NZX currently receive at least twice the current MRP fees, if not more,” Mr Ryall says.

“Contact Energy pays its directors $115,000, Air New Zealand pays $82,000, Telecom $130,000 and Trustpower which is a much smaller company than MRP pays its directors $75,000 per year.

“We have made a reasonable but conservative increase to MRP directors fees to compensate for the increased responsibility in their new roles, and the added risks around being on the board of a publicly listed company,” Mr Ryall says.


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

'Tea Break Bill' Passes: Gordon Campbell On Bad Labour Laws And Poor Safety

By co-incidence, one of the prime dangers of the government’s new employment relations law has been underlined by the release of the death and injury statistics among workers at New Zealand ports. These are highly profitable enterprises for the port owners.

The Port of Tauranga for instance, is expecting its current full-year profit to be between $78 million and $83 million and other ports are enjoying similar boom times – but they are also highly dangerous places for the people who work on or around the port premises. At the Port of Tauranga, there have been 26 serious accidents since 2011, and two deaths. More>>

 

Parliament Today:

No Charges: Outcome Of Operation Clover Investigation

Police have completed a multi-agency investigation, Operation Clover, into the activities of a group calling themselves “The Roast Busters”. The 12 month enquiry focused on incidents involving allegations of sexual offending against a number of girls in the Waitemata Police district and wider Auckland area... More>>

ALSO:

UNICEF Report: NZ Cautioned On "Stagnating" Child Poverty

An international report by UNICEF has found that child poverty rates in New Zealand have barely changed since 2008, despite similar sized countries significantly reducing child poverty during the recent recession. More>>

ALSO:

Funding Report: Two Pathways For Transport In Auckland

Commissioned by Auckland Council, the group was asked to investigate two possible pathways for raising $300 million per year ($12 billion over 30 years) to pay for the improvements needed to help fix Auckland’s transport system. More>>

ALSO:

Pay Equity: Equal Pay Win In Court Of Appeal

CTU: The Court of Appeal has made a historic decision paving the way for a substantial equal pay claim for aged care workers. More>>

ALSO:

Gordon Campbell: On The TPP Finishing Line, And Amazon’s Woes

If the Trans Pacific Partnership trade deal wasn’t such a serious matter, this would be pretty funny… More>>

ALSO:

TV3 Video: Three Die On Roads Over Labour Weekend

The official holiday period ended at 6am Tuesday, with three deaths on the roads during the Labour Day weekend. More>>

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news