Sharechat Logo

SkyCity directors join the push for bigger fee pool

Friday 21st October 2011

Text too small?

The directors of casino operator SkyCity Entertainment will ask shareholders for a 37 percent pay-rise at next month’s annual meeting, adding to the queue of NZX 50 company boards asking for fatter fees.

Shareholders are being asked to sign off on lifting the pool for directors’ fee to $1.3 million from the current $950,000 pool to help fund the new deputy chair role, and give the rest of the board a pay-rise, it said in its notice of annual meeting.

If approved, it will lift the chairman’s annual fee by $50,000 to $250,000, introduce a $150,000 fee for the deputy, add $30,000 for each director to $120,000 and increase the fee for audit and risk and remuneration committee members to $15,000 from $10,000.

Added work and responsibilities assumed by directors of publicly-listed companies was increasing and the company “wishes to continue to attract and retain qualified, highly capable directors from a pan-Australasian talent pool for the purpose of driving value and maintaining the highest standards of corporate governance on behalf of shareholders,” it said.

SkyCity’s move follows similar requests from Nuplex Industries, Freightways, Hellaby and Skellerup. It last increased the pool of fees for directors in 2008, lifting them by $200,000.

In August, the company reported a 21 percent increase in annual earnings, beating analysts’ expectations, with its Auckland gaming machine revenue hitting pre-global financial crisis levels at $206.2 million.

SkyCity hopes to add to its Auckland offerings with a $350 million convention centre, and it will update shareholders at the annual meeting in November.

The gaming company has agreement in principle from the government for more gaming machines and an extension of its licence past its existing 2021 date in return to footing the entire bill of the centre.

The stock fell 0.6 percent to $3.41 in trading today, and has gained 5.9 percent this year.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SkyCity's Queenstown growth ambitions face test with convention centre decision tomorrow
SkyCity buys TVNZ land for $10.6 mln, broadcaster to put cash into upgrading main building
SkyCity shares fall as results show struggle to squeeze growth out of Auckland
SkyCity FY profit falls 8 percent on flat Auckland result, one-off 2012 benefits
FMA recorded Allen's role in SkyCity talks as potential conflict of interest
South Australia approves ‘game changing’ SkyCity casino licence, allowing A$300M investment
Government roped in FMA chair Simon Allen to help close SkyCity deal, papers show
SkyCity cleared to buy Queenstown's Wharf Casino
NZ govt, SkyCity take another 5 days on $402M convention deal
NZ government, SkyCity extend deadline for deal on $402M convention centre