Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

TVNZ members disappointed with CEO salary increase

TVNZ members disappointed with CEO salary increase

TVNZ members of the unions, E tū and the PSA today expressed disappointment that Chief Executive, Kevin Kenrick had accepted salary and bonuses which increased his pay by $500,000 whilst overseeing falling revenues at the state-owned broadcaster.

TVNZ’s net profit for the year declined 89 percent – from $12.7m in 2016 to just $1.4m.

The news of Mr Kenrick’s 16 percent pay rise came as members were presented with a 1 percent increase for the same financial year.

It also comes on the back of an incoming Labour-led government promising to address growing inequality in New Zealand.

This year, staff have been through restructuring which resulted in the loss of more newsroom jobs and other positions across the wider business, in an effort to cut costs to off-set revenue declines.

Union representatives said employees had risen to the challenge of delivering quality content with fewer resources.

But they said they considered the Chief Executive’s remuneration deeply cynical in light of a volatile media environment and where TVNZ staff have been offered a pay rise that doesn’t even keep pace with the cost of living.
ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Ongoing Monetary Tightening
The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 3 percent from 2.5 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions... More>>



Statistics: Weekly Earnings Rise As More In Full-time Employment

Median weekly earnings from wages and salaries rose by 8.8 percent to $1,189 in the year to the June 2022 quarter, Stats NZ said today... More>>



Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>


Electricity Authority: Imposes Interim Restrictions On Very Large Electricity Contracts

Consumers of electricity will be protected from potentially paying more than they should due to the impact of very large electricity contracts on wholesale prices, under urgent changes announced today by the Electricity Authority... More>>


Westpac: Economic Overview, August 2022 – Pushing Through

The New Zealand economy faces some lean growth in the year ahead as households’ budgets are squeezed, according to Westpac’s latest Economic Overview... More>>


Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>