nfratil seeks third annual increase in fee pool for board 23 Jul 2012
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Infratil seeks third annual increase in fee pool for board, more for subsidiaries
By Paul McBeth
July 23 (BusinessDesk) - Infratil, the infrastructure investment firm, is seeking a 3.7 percent increase in the pool of fees for its board and hikes for directors of its subsidiaries.
The Wellington-based company will ask shareholders to approve increasing its fee pool to $705,000 from $680,000 at next month's annual meeting in Christchurch, its third such increase in as many years. Like previous years, the company cited the increase in Infratil's size and scope. An increase to the pool in 2009 was due to an extra director being added to the board.
Infratil is also asking shareholders to approve increasing the fee pools for Lumo Energy Australia, Infratil Energy Australia, Wellington International Airport and NZ Bus primarily due to an increase the size of three of those boards, it said.
Wellington Airport also needs an extra $12,000 per year to cover extra work arising from the Commerce Commission's disclosure requirements.
If shareholders approve the increases, the maximum aggregate payable to all directors of the company and subsidiaries will rise to $3.16 million from $2.95 million. The bulk of that comes from directors of subsidiaries who aren't also on the board of Infratil, with aggregate rising to $2.13 million from $1.84 million.
The aggregate fee pool for Infratil directors who also sit on subsidiary company boards will fall to $1.03 million from $1.11 million.
Infratil shares fell 0.7 percent to $2.045 in trading today.
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