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

 

PARLIAMENT TODAY:

Generation Zero: Skypath Granted Resource Consent

Generation Zero is delighted and relieved that the ‘Skypath’ walking and cycling addition to the Harbour Bridge has been granted resource consent. More>>

ALSO:

Housing: Two New Auckland Special Housing Areas

Two new greenfield Special Housing Areas (SHAs) that will provide up to 1800 new homes in Auckland have been announced today by Building and Housing Minister Dr Nick Smith and Mayor Len Brown. More>>

ALSO:

Royals: The Prince Of Wales And Duchess Of Cornwall To Visit

Prime Minister John Key welcomes today’s announcement that the Prince of Wales and The Duchess of Cornwall will visit New Zealand in November. This will be the second joint visit for Their Royal Highnesses to New Zealand. More>>

ALSO:

Tracey Martin Replaced: Ron Mark Is New New Zealand First Deputy Leader

Clayton Mitchell was the successful candidate for the Associate Whip position. Winston Peters was re-elected as Leader by the Caucus. Ron Mark was elected as the Deputy Leader with effect from 10am, Friday, 3rd July. More>>

ALSO:

Rebuild Rebrand: "Regenerate Christchurch" To Replace CERA

The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes control of the rebuild, Canterbury Earthquake Recovery Minister Gerry Brownlee says. More>>

ALSO:

Nauru: Scholars Urge Minister To Act On Deteriorating Democracy

“Since the 2013 election in Nauru, there has been a series of disturbing developments on the islands that indicate a severe deterioration in the state of its parliamentary democracy and in the rule of law,” say the scholars. More>>

ALSO:

Foreign Affairs: NZ Begins Presidency Of UN Security Council

Prime Minister John Key has welcomed the start of New Zealand’s month-long Presidency of the United Nations Security Council in New York. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news