NZX seeks to raise Weldon's pay

New Zealand Exchange (NZX) is looking to raise chief executive Mark Weldon's pay package by up to $42,000.

Mr Weldon currently receives up to $850,000 a year, including a base salary of $425,000, with a potential bonus payment of up to the same amount. NZX wants to increase his base salary and potential bonus by about 5 per cent to $446,250 each, giving a new total potential package of $892,000.

Mr Weldon also has incentive shares available to him under the CEO share scheme.

NZX said it engaged an unnamed human resources consulting firm to advise on Mr Weldon's pay.

NZX has applied for a waiver to the stock exchange's listing rules to enable the increases to go through.

The company's board said it had taken a lot of factors into consideration when reviewing Mr Weldon's pay, including the risk of him being headhunted by another company and the cost to NZX if it had to replace him.

NZX's 2004 annual report showed Mr Weldon received remuneration of $755,000 in the year to December 31, 2004, up 20.9 per cent on the $645,248 he received in 2003.

- NZPA