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« on: Fri 19 September, 2014 - 01:35 pm »


After turning in a bumper profit last month, Contact Energy chief executive Dennis Barnes appears to be the top paid power company chief executive again this year.

But not all results are in yet.

Barnes took home an annual salary package worth $1.46 million in the past year, topped up with deferred share rights worth almost $270,000 more. The total package of $1.7m is equal to about $32,800 a week.

Last month, Contact reported a profit after tax of $234m for the year to June 30, a 17.6 per cent increase on last year and better than analysts had expected.

Last year, Barnes earned $1.58m, making him the highest paid chief executive of a power company.

In the past, Green Party co-leader Russel Norman has criticised the super profits of the power companies, as well as the "super salaries" of their chief executives.

Green MP Gareth Hughes said recently of last year's pay packets: "When you see CEO salaries well in advance of $1m, at a time when a quarter of New Zealand families are struggling in energy poverty, you have to ask yourself, ‘Are these salaries justified?'."

The only other big power company to reveal its chief executive's salary this year was partly state-owned Genesis Energy, with Albert Brantley on a package worth $1.3m. Brantley is also entitled to a one-off retention and performance payment of $300,000 following the successful listing of Genesis on the ASX and NZX, if certain conditions are met.

Genesis last month posted a profit of $49.2m for the June year.

Other partly state-owned companies Mighty River Power and Meridian Energy are expected to give details of their chief executives' pay soon but not till after this weekend's election.

Last year, Meridian CEO Mark Binns' pay package was worth more than $1m, but he could make as much as 65 per cent more this year if he meets short-term incentive targets.

Mighty River's Doug Heffernan was paid $1.49m in 2012, falling to $1.3m last year.

But Heffernan was also due to get an additional $500,000 at the end of December last year, to stay at the helm for Mighty River's first financial year as a listed company. Heffernan stepped down at the end of August.

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Mr Nice Guy
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« Reply #1 on: Fri 19 September, 2014 - 03:18 pm »

If you were offered that job tomorrow and that package would you turn it down 
The Fat Controller™

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« Reply #2 on: Fri 19 September, 2014 - 04:08 pm »

What were all the top salaries under Labour, including the Labour MPs/Leader?

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