Forum Archive Index - September 2001

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Ruth,
 
>
>
>"Ruth Ayling" <r.ayling@paradise.net.nz> wrote:
>
>>"Snoopy" wrote:
>
>>These people were paid $90,000 per year by shareholders for 
>>part time use of their business expertise (sic).
>>Yet Air NZ were a part owner of the Ansett business since 
>>October 1996.   Air NZ directors had *three years* to become
>>intimately familiar with the Ansett business.
>>Jim Farmer must go!  SNOOPY
>>
>
>100% agree. Except I think the entire board should resign, along
>with Toomey, as the first condition of the 'rescue' package.Instead
>these creatures get performance bonuses. Sickening. Ruth 
>
>
>
I think you go too far Ruth.   Gary Toomey has only been on the job 
for nine months, with a situation he inherited.  I think given the 
circumstances that were handed to him, he has done a great job.   I 
don't begrudge him his cash bonus, particularly as due to the share 
price plunge, his share option bonuses are now effectively worthless.

As far as I am aware, none of the rest of the board are in line for 
bonuses.  So let's go through them one by one.   Liz Coutts?  Arrived 
in August 2000, after the deal to buy Ansett was done.  Are 
you going to sack her?  Charlie Good? Also arrived in August 2000, 
and given that the ANZ bank has some loan money tied up in Air NZ, 
probably a prudent person to have on the board!   M J N Tan and Dr C 
K Cheong?  They are representatives from Singapore Airlines also 
appointed in August 2000, after the deal to Buy Ansett was done.  
Greg Terry, W M Wilson and Philip Burdon?   They are the 
representatives of major shareholder Brierley Investments.   Voting 
to take over Ansett completely was very beneficial to Brierley 
Investments, as they were able to offload a large bundle of their 
shares to Singapore Airlines.   You can't blame Burdon, Wilson and 
Terry for voting for the deal.   Sir Selwyn Cushing?   Should have 
resigned the chairmanship of Air New Zealand when he rejoined 
Brierley Invesments, but he is retiring anyway.  J S Curtis?   An 
Aussie who has been around since 1995 and one who should  have known 
better- should be sacked.  Ralph Norris and Sir Ronald Carter?   Both 
joined the board in late 1998 when Air New Zealand had one foot in 
Ansett already. I am equivical as to whether they should stay or go.  
Sean Wareing?  He's already gone.

It is all very well to sack the entire board, but that will just 
leave Air New Zealand rudderless with a completely green field of new 
identities at the top.    And that situation was part of the 
original problem.  Removing Cushing, Farmer and Curtis and one 
more (Sir Ronald Carter?) would reduce the board down to nine as 
required by the government. SNOOPY


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Message posted by Harry Tennyson
 using Pegasus Mail 2.55
I have Word 97 to read attachments
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