Union outraged by Tranz Rail senior executives pay

MEDIA STATEMENT FOR IMMEDIATE ISSUE,
MONDAY 21 OCTOBER 2002

“Union outraged by Tranz Rail senior executives pay”

Wayne Butson, General Secretary of the Rail & Maritime Transport Union describes the remuneration that 4 senior executives of Tranz Rail are receiving as being outrageous, offensive and totally unjustified.

Mr Butson stated, “Rail members are constantly being told that Tranz Rail is in deep trouble financially and that in the next year significant savings have to be made from the operating budget. We have been told that some agreed health and safety initiatives are going to be ditched because of the financial state of the company.”

Mr Butson says “For members to learn that 3 senior executives earn $2.7 million between them, at the same time they have been told there will be job cuts and reductions in spending on safety sticks in their craw.”

Mr Butson believes the pay of these three unnamed senior executives is totally unjustified when Tranz Rail is in such deep financial strife.

“What would these executives be getting in remuneration if the share price was not languishing at the lower reaches of the NZSE 40 and they were being uprated by Standards and Poor’s.” wondered Mr Butson.

ENDS

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