Infratil wants fourth annual board fee pool increase
The directors say they support the increase in fees as the businesses are growing in scale and complexity.
Infratil, New Zealand's largest publicly listed infrastructure investor, wants to increase the pool of fees for its directors by 2.3 percent and also raise fees for directors of some subsidiaries.
The company will ask shareholders at its annual meeting in Wellington next month to increase the fee pool for its directors to $721,215 from $705,000. It will also seek approval to hike director fees at some of its airport, energy, billboard and public transport companies.
Infratil is seeking a fourth annual increase in fees, saying a small increase for each director is appropriate given the growth in size and scope of the company, the time commitments required of directors and the need to ensure remuneration is maintained in line with the market, enabling the company to attract high-calibre directors.
The company is seeking to hike by 2.3 percent the fee pool for its Lumo Energy Australia, Infratil Energy Australia, New Zealand Bus, Perth Energy, iSite and Snapper Services units. It wants a 4.3 percent increase in the director pool for Wellington International Airport.
The directors said they support the increase in fees as the businesses are growing in scale and complexity.
Shares in Wellington-based Infratil gained 0.4 percent to $2.48, taking their annual gain so far this year to 8.8 percent.
In the 2013 financial year, Infratil paid management fees of $20.1 million to Morrison & Co Infrastructure Management, which is owned by Wellington-based investment bank HRL Morrison & Co. That is about 0.75 percent of Infratil's $2.68 billion in assets, as at March 31.
(BusinessDesk)
Tina Morrison
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Infratil wants fourth annual board fee pool increase
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