Is Sycamore Worth Over $70,000?

6 Nov

Once I thought Elder had a conscience (it was a brief lapse in judgement on my part).  I had noted that Elder received NIL under the directors fees for Invercargill City Property Ltd (see below)


2012 fees

As you can see he was also a director of Holdco.  I mentally commended him for not drawing another fee from the Group.  Sycamore however is drawing an extra fee.

The most recent annual report has Sycamore earning $28k on Holdco and $15k on property.   That is interesting considering the ICC director appointment policy says

As a general approach, the directors of ICHL should not hold directorships on other
CCTO’s or subsidiaries. However, where it is proposed that an ICHL director has
skills and experience that would, having considered this policy, be beneficial to the
operation of any other CCTO or subsidiary, or other good grounds exist for the
appointment which gives rise to a common directorship, then such appointment may
be made by ICHL.

How they decided that Sycamore has the appropriate skills is beyond me?  Add in his elected member remuneration of $30k for the coming year and we have Sycamore getting more than $73,000 (+ Hearings Committee payments possibly?)

Given Awarua was assigned to Sycamore as a portfolio and Awarua is the primary purpose of IC Property, why is he paid $15k to do it?  Boniface isn’t paid for Urban Rejuvenation, Esler had walking tracks or something, Lewis had the foreshore.  They didn’t get extra for their portfolios.


Got something to say?

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: