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Tuesday 25th October 2011 |
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Nuplex Industries, the specialty chemicals maker, has withdrawn a proposal to hike directors’ fees by about a third after concerns from shareholders about the scope of the increase.
The board had intended to put a motion to the company’s annual meeting on Nov. 2 lifting the fee pool available for directors to $1.5 million from $1 million, in what would have been the first increase since 2007.
The increase would have reflected inflation and ‘market trends’ over the next three-to-five years, as well as allow for any additional director or sub-committee roles, it had said.
Chairman Rob Aitken today said that some shareholders had “raised concerns about the long period and consequential quantum that the pool increase was intended to cover.”
“Given these uncertain times, we appreciate that our shareholders might prefer to approve changes to the fee pool on a more regular basis and in smaller increments than was initially proposed,” he said.
Nuplex has been joined by SkyCity Entertainment, Freightways, Hellaby and Skellerup in proposing higher fees for directors.
Shares of Nuplex rose 0.8 percent to $2.66 and have tumbled 25 percent this year.
(BusinessDesk)
BusinessDesk.co.nz
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