27 Oct 2011

Pay rise for Skellerup directors approved

5:30 pm on 27 October 2011

Skellerup Holdings Ltd's shareholders have agreed to increase directors' fees days after Nuplex Industries Ltd backed out of asking for a rise.

Skellerup's shareholders agreed to increase the non-executive directors' total remuneration from $320,000 to $475,000 a year at the annual meeting in Auckland on Wednesday.

The approval comes after Nuplex withdrew a request to increase its directors' fee pool from $1 million to $1.5 million.

Skellerup chairman Sir Selwyn Cushing says the company last adjusted its annual directors' fees five years ago and the fees are out of date.

The New Zealand Shareholders' Association also approved the rise.

Sky City Entertainment Ltd will ask shareholders to vote on a proposed increase in directors' fees at its annual meeting on 11 November.