Scoop has an Ethical Paywall
Five losses in five years for research company
Dr Paul Hutchison MP
National Party Research, Science &
Technology Spokesman
23 October 2007
Five losses in five years for research company
Industrial Research Limited's latest after-tax loss of $5.7 million is more bad news for a company that's an important contributor to New Zealand's research, science and technology sector, says National's Research, Science and Technology spokesman, Paul Hutchison.
"This is the major crown entity serving the research and development needs of New Zealand's manufacturing sector and its ongoing poor financial performance is of real concern.
"Steve Maharey and Pete Hodgson have presided over these losses, and their constantly changing strategies have not been helpful. A new Minister will have a lot of work to do to improve the company's impaired performance.
"It is extraordinary that IRL, which has lost money for the past five years and now has yearly revenue of $60 million, pays its CEO $444,000 a year. In comparison, NIWA, which makes a constant profit and has yearly revenue twice that of IRL, pays its CEO $360,000.
"The new CEO of IRL has a challenging job, but part of his package should be an incentive to lift the company's financial performance, rather than a guaranteed salary whether the losses continue or not."
ENDS
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