$600,000 bonus pay 'obscene'
Lyttelton Port Company chief executive Peter Davie's $600,000 bonus is obscene, says the Rail and Maritime Transport Union.
The union condemns the doubling of Davie's pay for the 2012 financial year.
Davie's pay jumped to $1.02 million for the year to June 30 largely because of a big long-term incentive payment he earned over three years but was paid in a lump sum.
The port's board has refused to say how Davie's pay packet is made up, how much is base salary and how much is incentive-bonus payments.
However Bruce Irvine chairman of Christchurch City Holdings, the council company that oversees council-owned trading companies like LPC, has said much of Davie's $600,000 salary jump was the long term incentive payment.
Libi Carr, Lyttelton Port Branch Secretary of the RMTU said ''Whilst we have no objection to people being well paid, we question the propriety and wisdom of shovelling this amount of cash in one man's bank account,'' she said.
''Although LPC chairman Rodger Fisher says the port has made a 40 per cent increase in profitability despite being impacted by the earthquake, he failed to mention the role of rank and file port workers in achieving that,'' she said.
''Our members have kept this port running in difficult and dangerous conditions over the past couple of years, and it borders on the obscene that one man is singled out and rewarded in this manner,'' said Carr.
"It's laughable that Mr Davie says it's ''not his issue to talk about''. Our members would very much like him to front up to them and explain why he deserves to get more in one year's bonus than many of them would earn in a decade,'' she said.
- © Fairfax NZ News
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