Does anyone know anything about our new Independent Director Rodger Kerr-Newell?
All I can find on google is that he's done the rounds as a Council trougher.
Oh dear ... how hard can it be to identify saving opportunities in a small local company with a total of 20 staff but remotely run by a rampant management overhead spread across New Zealand?
Instead of doing the obvious the new board hired now not one but two consultants to prepare reports. I suspect that's another at least high 5 digit sum (or more likely low 6 digits) down the gurgle just to tell us what we knew all the way along.
Oh dear ... how hard can it be to identify saving opportunities in a small local company with a total of 20 staff but remotely run by a rampant management overhead spread across New Zealand?
Instead of doing the obvious the new board hired now not one but two consultants to prepare reports. I suspect that's another at least high 5 digit sum (or more likely low 6 digits) down the gurgle just to tell us what we knew all the way along.
But I guess we deserve it ... at the end it was the inaction of share holders which resulted in the appointment of the current board ...
I think there is more than meets the eye here BlackPeter. Lets give the new board a chance and see how they go. The old board did nothing for nigh on 5 years.
I think there is more than meets the eye here BlackPeter. Lets give the new board a chance and see how they go. The old board did nothing for nigh on 5 years.
make that 10 years ...
Anyway - always open for positive surprises, I guess at the end hope is all which is left, isn't it?
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"Prediction is very difficult, especially about the future" (Niels Bohr)
The Directors representing Vector (with 22% shareholding) would not have been in there "doing nothing" all that time.
Michael Stiassney as chairman would not have tolerated non performing directors or CEO.
I don't think you guys are taking account of the fact that the board had been seriously hamstrung by on going litigation by NPCC.
The consultants have been hired to try to appease disgruntled shareholders.
They will tinker around the edges to try and justify their fee.
What are you going to say when they don't come up with anything substantial?
We have some major shareholders in there. Why are they not making waves?
Is it because they know that all they can do is patiently wait for power prices to rise as they surely must.
The Directors representing Vector (with 22% shareholding) would not have been in there "doing nothing" all that time.
Michael Stiassney as chairman would not have tolerated non performing directors or CEO.
I don't think you guys are taking account of the fact that the board had been seriously hamstrung by on going litigation by NPCC.
The consultants have been hired to try to appease disgruntled shareholders.
They will tinker around the edges to try and justify their fee.
What are you going to say when they don't come up with anything substantial?
We have some major shareholders in there. Why are they not making waves?
Is it because they know that all they can do is patiently wait for power prices to rise as they surely must.
Good to see one happy shareholder.
Personally I would prefer to direct my donations to the red cross or some other charity rather than continue to feed the old boyz club of existing and previous Vector employees and contractors with the shareholder capital they destroyed.
Just help me to understand why a small Palmerston North windmill needs next to a site manager in Palmerston North an expensive CEO with office in Auckland (managing the company presumably over the phone) and a GM residing in Christchurch doing regular (company paid) round trips to windy Palmy. What exactly are the CEO and GM doing justifying their salaries?
Does a company of 20 staff really need a CFO ... or would a part time accountant do the job maybe at a more reasonable price?
Ah - and ever considered that you need two to Tango (re the continuous litigation). I haven't seen a lot of activity and openness from any of the previous boards in really engaging with Palmerston North City council and with their neighbourhood. Sure - after 10 years of litigation the boundaries have hardened up on both sides, but don't blame the litigation for the huge destruction of shareholder value. Open your eyes and blame the board who allowed this to drag on!
Big share holder happy? Well, I don't know how you measure that. But sure - this is for some time one of Vectors projects, staffed by Vector people ... and Vector have the benefit that they have the say but only pay 23% of the bills. The rest of the bill is paid by the small share holders who have basically no voice around the board table.
Vector can't be happy with the financial performance of the company, but they might have a hidden agenda ... which may or may not be aligned with the agenda of us small share holders. I doubt it.
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"Prediction is very difficult, especially about the future" (Niels Bohr)
Just help me to understand why a small Palmerston North windmill needs next to a site manager in Palmerston North an expensive CEO with office in Auckland (managing the company presumably over the phone) and a GM residing in Christchurch doing regular (company paid) round trips to windy Palmy. What exactly are the CEO and GM doing justifying their salaries?
....
To put it in perspective: The total output of all of NWF's assets is less than a single generator at Genisis' Tokaanu Power Staion. The GM of the whole Tongariro group is on a salary of around $200 - $250 k pa. Why should anyone at NWF earn more than this for lower responsibility?
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