Taken from a Business Desk article today. Clearly shows why this is such a well regarded company and management:
Mainfreight
At the other end of the spectrum is Mainfreight, which Midgley praised as showing the way on culture and conduct.
Mainfreight directors agreed to reduce their fees by 50 percent for a prolonged period, including managing director Don Braid. The base annual fee for Mainfreight directors is $120,000 and Braid has a base salary of $2.2 million.
Despite bouncing back well enough from lockdown to repay their wage subsidy, Mainfreight has persisted with the senior cuts, which are the largest as a percentage of annual salary/fees of any listed NZ company. Mainfreight’s share price has also bounced back to record high levels of about $54.70 per share after plummeting to $24 in late-March.
Mainfreight managing director Don Braid said the ongoing 50 percent pay cut for the board was the right thing to do, despite repaying the wage subsidy and keeping all their staff.
“We put a lot of other things in place to make sure that our costs were under control. We reduced capital expenditures so that we had a balance sheet that was in good shape.
"And about the same time, it was our decision that the directors and myself would take a 50 percent cut in salaries. The right thing to do at the time. Those cuts are still in place.”
No other staff at Mainfreight were asked to take a pay cut. In fact, they shared in a $27.6 million profit share bonus scheme for year ended March 31 in July and August, and NZ and Australian staff received 3 percent salary increases across the board in July.
https://businessdesk.co.nz/article/l...-took-a-paycut