22 Oct 2010

Auckland Airport cuts back fee increase

1:45 pm on 22 October 2010

The directors of Auckland International Airport have cut back proposed fee rises after feedback from shareholders.

Shareholders were to vote on a proposed 12.2% increase in directors' fees at next week's annual meeting.

The increase would have lifted the fee pool from $1.15 million to $1.29 million a year.

The airport's board says most large shareholders supported the move, but after considering feedback from other shareholders, it has decided to apply only half the increase in the first year, and all of it in the next year.

It says the new fees will represent an compound annual increase of 2.3% a year since 2007, which compares to inflation of 2.7%.