A statement from Mr Warren Young, Chairman, Timberlands West Coast Limited
21 March 2000
After further discussion with the Chief Executive today, we have together determined that in all the circumstances it is
appropriate for Timberlands to bring to an end the consultancy arrangements with Mr Kit Richards.
This decision is effective from today.
In taking this action I wish to make it quite clear that the arrangements with Mr Richards subsequent to his retirement
were designed and intended to benefit Timberlands. Indeed, that was the sole purpose of the arrangement.
The form and extent of the required input from Mr Richards was at the direction of the company. There was certainly no
permanency in the role. From the outset it was acknowledged by both parties as short term only.
In the event, the actual time incurred by Mr Richards since his retirement has been minimal, and we have been grateful
for his assistance over this transitional period.
I sincerely hope that these comments draw the matter to a conclusion – it has reached a magnitude well beyond the
essence of the matter.
It would serve no useful purpose for this issue to become a protracted or continuing affair.
Accordingly, I intend to leave any further comment to the Minister.
end