Grey Power Opposes Rapacious Fee Grab by Contact Energy American Owners

Grey Power is totally opposed to the 95% increase in Contact Energy directors fees proposed by Contact Board at the October 23rd AGM, lifting the fees paid from $770,000 to $1,500,000.

“The level of fees paid to six directors is outrageous, both in the amount, and the timing,”

said Mr. Barrie Church, President and Energy Spokesman, for Grey Power North Shore,

“and we strongly endorse Bruce Sheppard and the New Zealand Shareholders Association’s opposition to the increase which he labelled as ‘obscene’.”

“Grey Power members and many others in New Zealand are struggling to cope with the continuing increases in power costs, and a $730,000 fee increase is just adding insult to injury. Existing fee levels are already exceedingly generous and abandoning the increase would be an excellent first step in an internal cost reduction programme aimed at reducing power costs to the consumer.”

*The timing of the increase is absolutely appalling with the world in the throes of economic crisis initiated and fuelled by American commercial greed and dubious financial practice. Contact Energy’s majority overseas owners must not be allowed to introduce rapacious and discredited foreign personal remuneration excesses to New Zealand.”

“Contact Energy’s prime focus and sole purpose should be to produce and deliver power to the New Zealand community in the most efficient and cost effective way.”

Grey Power members who are Contact Energy shareholders are urged to vote against the fee increase either by attending the AGM in Auckland on October 23rd, or by completing their proxy options.

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