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Director fees hike a golden thumbs up for sale

Clayton
COSGROVE
SOE Spokesperson
4 April 2013 MEDIA STATEMENT
Director fees hike a golden thumbs up for sale

The 73 per cent hike in directors’ fees for Mighty River Power shows the asset sales programme is a cash cow that keeps on milking the taxpayer, says Labour’s SOEs spokesperson Clayton Cosgrove.

“Mighty River Power’s directors are getting a whopping 73 per cent pay rise. But what has changed in their job description, workload or responsibilities? All that’s changing is the shareholding. Given that there will be a decrease in Parliament’s oversight their job has arguably become easier.

“The Government is making a habit of shelling out money to SOE heads – Solid Energy’s former CE got a $250,000 golden handshake. This is a golden thumbs up for Mighty River directors, saying thanks for going private.

“The asset sales process is turning into a gravy train that Kiwis are paying for. Right now Mighty River’s directors are being paid an extra $1200 a day to prepare for sale. Soon they’ll get $36,000 more. No wonder some SOE directors have been so enthusiastic about asset sales.

“The directors of Meridian and Genesis will be licking their lips.

“Tony Ryall calls a 73 per cent pay rise a ‘conservative increase’. I’d hate to see what a big pay hike looks like in Tony Ryall’s eyes. He’s completely out of touch.

“Kiwis need to know how this 73 per cent golden thumbs up came about. Did the directors threaten to resign unless they got a big pay packet? If not, call their bluff. This Government talks tough when it comes to Kiwi strugglers but rolls over when it comes to their mates.

“Every year there will be stories of increasing directors’ fees because they’ve ‘got to compete with private sector salaries’. What a crock and what a loss to the taxpayer,” says Clayton Cosgrove.

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