Brierley Investments directors have not let the small matter of the company's $US161.8 million ($416.5 million) June-year loss get in the way of asking for a fee increase.
The Singapore-based company has given notice that at the shareholders' annual meeting on November 6 in Bermuda, it plans to lift the annual fee of each non-executive director to $US29,000.
Last year, they were paid $50,000 each. The company now reports in US dollars and at today's exchange rate, the fee rise is 50 per cent.
Even if the kiwi's savaging from the US dollar is discounted and last year's exchange rate is used, the increase is still over 13 per cent.
Chief executive Greg Terry said in the report that "while the results are among the worst in BIL's history, they are by no means symptomatic of ongoing problems."
"Year 2001 opens a new era for your company where investors can expect solid profitability and steady growth in shareholder value."
The report shows that Mr Terry has half a million shares and is entitled to another half million simply by staying with the company until July 1, 2002.
The report also states that one director's remuneration was over $US500,000. It does not state if that is the chief executive.
BIL has copped flak from New Zealand shareholders, who still number about 80,000, for holding the annual meeting in Bermuda where the company is incorporated.
Small-shareholder advocate Max Gunn said BIL directors appeared to be too scared to front up to shareholders.
"I think it's disgusting."
The company plans to hold a shareholder "briefing" in Christchurch on October 30 but it will have no legal status. BIL chairman Sir Selwyn Cushing will run the briefing. There will be no vote on the rise in directors' fees.
BIL shares were up 1c at 32c yesterday.
- NZPA
Fee rise for BIL directors
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