Thursday 16th October 2008
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Shareholders were to vote on the increase at the company's annual meeting on Oct. 23. Chairman Michael Stiassny was to have received a NZ$40,000 increase to NZ$220,000 a year, while non-executive directors would get a NZ$20,000 increase to NZ$110,000.
"Given the local and global economic conditions, the directors no longer believe asking shareholders to approve fee increases is appropriate," Stiassny said in a statement.
Vector's directors' fees haven't increased since the company's initial public offering and listing in 2005. Annual net income fell to NZ$164 million from NZ$233 million, the company reported in August, mainly reflecting tax adjustments in the previous year under IFRS. Sales rose 1.7% to NZ$1.3 billion.
The shares fell 1.4% to NZ$4.05 today and have fallen 7% in the past month, almost half the NZX 50 index's decline.
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