KEY POINTS:
Lines company Vector's annual meeting was a decidedly more sedate affair than Contact's explosive gathering.
In place of sustained heckling was praise, gloriously heaped on chairman Michael Stiassny.
Apart from one shareholder who stood up and said she would not be supporting his re-election because she did not think him "kosher", Stiassny won favour with the vast majority of the 250 shareholders in attendance.
Muted expressions of "hear, hear" were heard every time someone stood up to commend Stiassny on his decision to not accept a $40,000 pay rise. Said one: "Contact have their head in the sand, and a lot of us thank you for that."
Stiassny was even applauded for the venue, Auckland's Ellerslie Convention Centre. The parking there was free - unlike Contact's inner city hotel venue which had left one shareholder $15 poorer.
Stiassny and director Karen Sherry were re-elected by a landslide, as was James Carmichael, who replaces Shale Chambers on the board.
Stiassny said the global economic turmoil meant the world was now in "uncharted territory". Against this background, the company's directors were unanimous in their decision to withdraw a proposal to increase their own fees from $90,000 to $110,000. Stiassny, as chairman, was in line to have his annual payments rise to $220,000.
He told shareholders the decision was a simple one to make.
"In the context of the local and global economic conditions, with your shares being impacted by the market declines, New Zealanders losing their jobs, seeing equity in their homes erode and wondering how to make ends meet, your directors could not have their blinkers on and ignore what is going on around us, taking greater rewards."
