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Vector chairman Michael Stiassny has given up a $40,000 pay rise due to the economic slump but says it is not for him to comment on what other companies do.
The decision by the Auckland-based energy lines company has thrown the spotlight back on a bid by Contact Energy's directors to almost double their total fees to $1.5 million.
Stiassny did say other companies might want to "think about" what they are doing about remuneration.
Stiassny's annual fees would have risen to $220,000 but yesterday the company said its board had unanimously agreed to withdraw the proposed increases to their annual fees. Shareholders had been due to vote on the proposal at Vector's annual meeting next Thursday.
"We've taken the lead, I think we've done the right thing and that's what other people should be thinking about," Stiassny said.
