The salary paid to the departing Meridian CEO is completely unjustifiable. During a period when Meridian’s profits plummeted Meridian Energy former chief executive was paid $1.37 million, including more than $800,000 in bonuses.
Under the Government’s plans to privatise New Zealand’s state owned assets expect to see more news stories like this.
There have already been huge hikes in pay for the top executives at Mighty River Power in preparation for its sale.
Going hand in hand with big salary packages for those at the top we can also expect to see more job losses for ordinary workers at our state owned electricity companies.
At the same time as state owned enterprises management are being paid millions in bonuses workers are at Solid Energy were ‘rationalised’ to make the books look good in preparation for its sale.
It never fails to amaze how often Governments (normally of a centre-right hue) are willing to back astronomical salaries for those at the top of the food chain while slashing pay for those at the other end of the scale.
If top executives need to be paid top rates why doesn’t this flow on for other workers?