26 Oct 2011

Listed companies now on notice - Gaylor

7:03 am on 26 October 2011

A fund manager says listed firms are on notice to adequately explain rises to director fees, after Nuplex cancelled its plan to raise its overall pool by half.

The chemicals and resins maker wanted approval to lift the fee pool from one million to $1.5 million at next week's annual meeting, but withdrew the resolution after shareholder outrage.

Milford Asset Management director Brian Gaynor says it's the right decision, and other companies should take note.