Beyer payment could rock Tower AGM

By KEVIN TAYLOR

Colin Beyer may walk away with more than $300,000 after ending his long association with Tower.

The 64-year-old stepped down as chairman on Wednesday and yesterday he told Tower he would no longer seek re-election as a director at the annual meeting on March 27.

Beyer has been on the Tower board since 1989, becoming chairman in October 1990.

Tower's constitution allows the board to make payments to retiring directors which do not exceed the total remuneration they got in any three years chosen by the company.

Such a retirement payment could still leave some sting in the annual meeting despite his resignation.

In the past financial year Beyer received $114,662 in director's fees, and the year before he got $111,864.

His future has been in question since Tower hit the headlines late last year after its shock loss of $74.9 million for the September year.

A senior partner in law firm Simpson Grierson, he led Tower through demutualisation and listing on the New Zealand and Australian stock exchanges.

Last December, in a move that left market commentators and investors amazed, Beyer heaped blame on former group chief executive James Boonzaier for the poor annual result.

Beyer listed multiple failings with Boonzaier's management and said there would be "no more nonsense and no more self-promotion".

Boonzaier left his $1-million-a-year job last July with a $2 million payout as the transtasman financial services company struggled with a lack of growth and languishing share price.

Boonzaier denied he should take any blame, and said Beyer had been chairman every single day he had been chief executive.

Beyer could not be contacted yesterday.