Gibbs receives $2.4m for loss of office

Former Guinness Peat Group executive director Tony Gibbs was paid Stg1.14 million (NZ$2.4 million) "compensation for loss of office" when he was dumped from the investment company's board, according to the company's annual report.

His total remuneration was Stg1.55 million in 2010, up from Stg1.16 million in 2009.

Gary Weiss, who is now also standing down as an executive director, received total remuneration of Stg1.04 million in 2010, down from Stg1.545 million in 2009.

Sir Ron Brierley has a 3.1% holding in the company, according to the annual report. The annual report records no remuneration payments to Sir Ron as a director.

Gibbs ceased to be a director on June 28 last year. On September 22, four independent non-executive directors were appointed to the board following representations by large institutions.

NZPA

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