17 Apr 2012

Shareholders' group backs NZR director fee pool rise

2:09 pm on 17 April 2012

The New Zealand Shareholders Association says it will support New Zealand Refining plans to increase its director fee pool by 21%.

The listed company is seeking shareholder approval to lift its director fee pool from $700,000 to $850,000.

Shareholders Association chairman John Hawkins says it couldn't support fee increases for individual directors given the company's disappointing returns recently.

But he says he's been assured by the company's chairman, David Jackson, that no increase will be paid this year, so it will accept the fee pool increase to give some headroom for future changes to the board.

The association believes the company has too many oil company-appointed directors, and it says it won't support the election of representatives from BP or Mobil.