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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.

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