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

 


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.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Auckland Relocation Grants: 12 Grants Paid So Far

Since the policy took effect one month ago, 12 applicants have received the non-recoverable grant, supporting 32 people. $54,508 has been paid out, covering things like moving costs, bond, rent in advance and letting fees. More>>

ALSO:

Vaccine Funding Change: HPV Vaccines For All Children

PHARMAC has today announced changes to funded vaccines, which will benefit an extra 100,000 people... The human papillomavirus (HPV) vaccine will be available for all children and adults up to the age of 26 years, and boys will now be included in the HPV school vaccination programme. More>>

ALSO:

Gordon Campbell: On Why The Opinion Polls For Key And Trump Defy Gravity

What is going on? Donald Trump got confirmed as the Republican presidential candidate at a bizarrely chaotic political convention… and promptly received an upwards bump in the polls to where he’s now rating ahead of Hillary Clinton, for only the second time this year. More>>

Sugar: Auckland Leisure Centres Axe Unhealthy Drinks

Auckland Council is to stop selling drinks that are sweetened by sugar from vending machines at its leisure centres in a bid to try to reduce obesity and type 2 diabetes... More>>

ALSO:

Gordon Campbell: On Todd McClay’s Faulty Memory

Time and again, whenever an issue arises the initial response by government is to deny or diminish the problem – nothing to worry about here, everything’s OK, move on. Then, hang on. In line with the usual pattern, as embarrassing details emerged into daylight, the story changed. More>>

ALSO:

Labour's 'Future Of Work': Major Reform Of Careers And Apprenticeships

The next Labour Government will transform careers advice in high schools to ensure every student has a personalised career plan, Leader of the Opposition Andrew Little says. More>>

ALSO:

State Investments Management: Treasury Likes IRD, Not Education Or Corrections

The Inland Revenue Department has scored an 'A' in the first tranche of the Treasury's investor confidence rating for state agencies that manage significant Crown investments and assets, gaining greater autonomy as a result, while the Corrections and Education ministries gained a 'C' rating. More>>

ALSO:

Govt Goal: NZ To Be "Predator Free" By 2050

Prime Minister John Key has today announced the Government has adopted the goal of New Zealand becoming Predator Free by 2050... “That’s why we have adopted this goal. Our ambition is that by 2050 every single part of New Zealand will be completely free of rats, stoats and possums." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news