TrustPower to ask shareholders for 6.8% bump to director fee pool
TrustPower, the utility controlled by Infratil, will ask shareholders to bump up the directors' fee pool by 6.8 percent after a three-year hiatus.
The Tauranga-based electricity generator and retailer wants investors to approve lifting the pool of directors fees to an annual $705,00 from April 1 of this year, from $660,000 now.
The company's six directors were paid an aggregate $577,000 for the year ended March 31 and it does not intend to draw down the full amount if shareholders agree to the resolution.
TrustPower wants the bigger pool to accommodate a potential seventh director being added, to cover growth in the scale of the company's operations and better reflect the complexity of the electricity market.
Shareholders will vote on the proposal at the July 26 annual meeting in Mt Maunganui. Directors, Infratil (50.5 percent shareholder) and Tauranga Energy Consumers Trust (33 percent) are disqualified from voting on the proposal.
TrustPower shares fell 0.6 percent to $7.10 in trading today. The stock has shed about 9 percent since mid-April when opposition politicians announced plans to introduce a central power buying agency if they win the Treasury benches.