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State-Owned Companies Pay Out $46m In Bonuses

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 26 NZPA - Bonuses paid by 15 state-owned companies totalled more than $46 million last year and the Government could clamp down on them.

TV3 News reported tonight its investigation showed NZ Post was the biggest bonus spender.

It handed out $19.8 million, followed by Transpower ($5.3m), Solid Energy ($5.2m), Meridian ($5.1m) and NZ Railways ($2.18m).

State-owned Enterprises Minister Simon Power agreed the figures concerned him.

"I don't think that in the current economic climate the public would expect SOEs to act any differently to any other company," he said.

Consumer NZ chief executive Sue Chetwin criticised the power companies.

"Consumers are saying electricity prices keep going up and there seems to be a real lack of justification," she said.

Mr Power announced last week he had summoned the heads of all the SOEs to a meeting on April 9 to tell them the Government expected them to improve their financial performance.

He might also tell them to be careful with their bonuses while the economy is in recession and many companies are struggling to stay afloat.

NZPA PAR pw nb

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