Now we learn that directors’ fees are set to double after National sells our assets. Who pays for the fat-cats to get twice the cream for the same work? We do. Through higher power prices. It’s just another cost of privatisation that we all pay – despite the fact that Treasury reckons 95% of us won’t buy shares. No wonder 100,000 of us have signed the referendum petition already.
I’ll deal briefly with the argument that the Crown needs to start paying more than $1,200 a day to directors because they can get more in private companies. Apparently, $1,200 a day isn’t worth getting out of bed for. Well, Jenny Shipley is on both public and private boards. She was asked if she works harder for the private sector ones. She said of course not.
Like the $400m looters’ bonus that the Nats call a loyalty scheme, doubled directors’ fees is just another chance for the elite to use asset sales to steal public wealth.