10 Apr 2012

Shareholders group supports higher fees for Opus directors

1:39 pm on 10 April 2012

The Shareholders Association is backing Opus' plans to lift its director fee pool by 12%.

Opus is seeking shareholder approval at its annual meeting on Wednesday, to lift its director fee pool by $42,500 to $400,000.

The company says its fee pool has not changed since the company listed in 2007 and an independent remuneration consultant has recommended an increase.

The rise would lift chairman Kerry McDonald's fee by $10,000 to $120,000, while other directors would receive a $5000 pay rise, taking their fees to $60,000.

The Shareholders Association has in the past challenged some firms' plans to hike director fees, saying rises need to reflect an improved return to investors.

However, chairman John Hawkins says he's happy to support Opus' rise.

He says the company has being doing consistently well since it floated and has consistently increased its dividend to shareholders.