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What does it take for bosses not to get their bonus?

Written By: - Date published: 11:26 am, September 13th, 2018 - 17 comments
Categories: business, capitalism, economy, Economy, employment, farming - Tags: ,

Fonterra’s $196 million loss for the June year – the first loss in the co-op’s 17-year history and a staggering reversal of last year’s $745m profit – failed to seriously dent the remuneration of its former CEO Theo Spierings.

Spierings has retained the same out-sized $8m-plus remuneration he was paid last year, raising questions not just of greed but whether bonuses actually work.
The question is: what does it take for CEOs to lose their bonus? Why is it that all risk lies with the shareholders? Why does poor performance by a company not result in CEO and top management bonuses being clawed back? And why do employment protection laws apply to those on enormous salaries so despite espousing the ideology of taking risk, it doesn’t apply to them.

Instead, what we see is that these enormous bonuses continuing to be paid despite regular abysmal performance.

Many of the KPIs that earn CEOs bonuses are just the normal things CEOs should be expected to do excellently.

Spierings’ pay last year led to calls to reign in levels of chief executive remuneration and caused angst amongst many of Fonterra’s farmer-investors.

Almost $4.2m of what he received in 2018 related to bonuses, albeit some that were earned in the previous year. But it included a short-term bonus of $979,702 (versus $1.18m in 2017). Under Fonterra’s pay scheme he could have earned up to $1.48m worth of short-term incentives.

In 2017, he earned a long-term bonus of $4.3m. He may still get some long-term bonuses paid next financial year. Nothing would surprise.

The co-op said its normalised earnings before interest and tax was $902m, down 22 per cent. But for a big company to claim “normalised’ earnings is a nonsense.

For big operations, every year will include “abnormal” events.

But even on a so-called normalised basis, gross margins fell to 15.4 per cent from 16.9 per cent. Hardly, something bonuses should be paid for. Return on capital fell to 6.3 per cent from 8.3 per cent, while its gearing ratio (debt to equity) bumped up to 48.4 percent from 44.3 percent.

The average loss relating to farmers’ ownership of Fonterra for the co-op’s 10,000-odd farmer-owners amounts to $8,000.

The abnormals were a $405m writedown in investment in Beingmate in China – an investment that can certainly be sheeted home to Spierings’ management, and a $183m payment to Danone from the botulism scare, an event that was incredibly poorly managed by the company and its PR firm.

No pay details have been disclosed of interim chief executive Miles Hurrell, who took up his position last month.

Hurrell said, “there’s no two ways about it, these results don’t meet the standards we need to live up to. In 2018, we did not meet the promises we made to farmers and unit holders.”

What he didn’t add is that we will pay our CEO and top managers their bonuses anyway.

This year, Fletcher Building, what was our second largest majority locally-owned business with any international competitive impact, made similar catastrophic losses – a $190m loss for the June year.

Its former CEO, Mark Adamson, was paid a $2.9m “exit package”. Although he forfeited $8m of bonuses held in a long-term share scheme, my question is why should a CEO who has overseen a loss of ~$5 billion in shareholder value not just be sent down the road, no questions asked?

Part of the trouble lies in the fact that people on very high salaries get the same employment protection that ordinary workers receive. I would argue that the law should be changed so that once an employee receives remuneration of over ten times, or even five times, the average income, he/she should be prepared to take the responsibility that they live or die by their performance.

As a former businesses reporter, time and again I would see bosses fired for incompetence but paid enormous “golden parachutes”. Once, after a CEO of Tower was sacked but paid a $4m golden parachute, I asked if the same conditions would be put in place for the replacement; chair Colin Beyer said: “Of course, we have to remain competitive”.

It was pigs at the trough closing ranks.

(Simon Louisson is a former journalist who reported for The Wall Street Journal, AP Dow Jones Newswires, the New Zealand Press Association and Reuters and has been a political and media adviser to the Green Party).

17 comments on “What does it take for bosses not to get their bonus?”

  1. Gabby 1

    The CEO Club seem to have achieved provider capture.

  2. KJT 2

    Even the shareholders can avoid a lot of the risk.
    Like voting for excessive borrowing to extract dividends, then having no liability for the company collapse.

    It is staff and suppliers who have to wear the losses, while owners and managers, scarper.

  3. Bill 3

    I’d guess…if they gave voice to their social conscience they’d lose their bonus. That said, their social conscience was sucked under by a pool of filthy lucre long ago – so it ain’t gonna be happening.

    But that’s a large reason they get paid what they do.

    They’re willing to head up companies and organisations that do terrible things, and they’re willing to be the smiling apologists for whatever it is the company or org does and to generally keep it all under wraps or “in house”.

    Can you imagine the CEO of something like Fonterra standing up and calling a spade a spade when it comes to water pollution, land degradation, or whatever else sits on the raft of environmental damage that floats atop their profits?

    They are paid to maintain a culture that successfully punts the company as some quite nice and wonderful to have financial or business asset, while neutralising any criticism that may be “incoming” on their environmental record, or their employment practices, or any of their various dodgy dealings….

    And after it’s all done, well it takes a lot of money to distract the poor poppets from any potential guilty feelings that might see them “spill the beans” on the shit they encountered, or witnessed, or managed while they sat in that ‘overseers’ chair. 😉

    We’re told their salaries all are about financial performance? We believe it?

  4. KJT 4

    If it takes a pay of, millions, to motivate someone to do their job properly, perhaps they are recruiting from the wrong people?

    Certainly the quality of management has dropped as salaries have sky rocketed, and the idea took hold, that someone totally ignorant in the field the company is in, can manage it.

  5. Dennis Frank 5

    Bonuses derive from contracts, so responsibility lies with who authorises those contracts. In a corporation, that’s the board, right? So, with all due respect to Simon for helping the Greens, his analyst doesn’t get to the crux of the issue.

    At board level, decisions are made in accord with mutual perceptions of what’s best for the corp, as regards future prospects, and whether profits suffice to satisfy shareholders despite the payment of bonuses. Takes a lot to generate a shareholder revolt. So the reason bonuses have become automatic is due to the board consensus that it is required by the current market situation. Capitalist class interests prevail.

    • Grantoc 5.1

      With respect Dennis, bonus’s for CEO’s/executives have not become automatic.

      I recently undertook a review of a CEO’s performance on behalf of a board in order to determine whether or not the CEO should receive any incentive reward, as part of the work that I do. The CEO’s incentive plan consisted of a number of objectives and KPI’s that the board and the CEO had agreed to at the start of the cycle. They related to the achievement of the organisation’s strategic goals. The quantum of the incentive reward for the CEO was determined by the quality of the CEO’s performance. For some objectives his performance was not up to expectations, and he got little or no payment; for other objectives he performed up to and beyond expectations and he received an incentive reward in recognition of this.

      The situation I describe above is typically what happens in most organsations. There are exceptions but that what they are, exceptions.

      Payment of bonus or incentives is hardly ever automatic and it defies the logic of having them in the first place. It would be stupid of any board to agree to this. In a CEO’s employment agreement bonuses are typically described as ‘at risk’ pay and it is stated that they are conditional upon certain objectives being met.

      • RedBaronCV 5.1.1

        which still leaves the question – why is there not a minus bonus for the not achieved areas ? Other wise the CEO risk is all 0 to +ve territory – no chance of a downgrade overall.

        • Phil 5.1.1.1

          why is there not a minus bonus for the not achieved areas ?

          I suspect the answer is probably something to do with employment law?

          CEO’s are still employees, after all. I doubt that “you haven’t achieved your targets, so you’re going to have to pay back some salary” is looked upon fondly in employment court.

      • Phil 5.1.2

        Hi Grantoc,

        I’m curious if your review included any consideration of ‘gateway’ incentives?

        For those unfamiliar, gateway incentives are designed to ensure a staff member works toward both their quantitative targets (e.g. $x sales or company profit of $y mln) as well as behavioral/qualitative targets (e.g. complied with the organisation code of conduct at all times throughout the year, filed all paperwork to the appropriate standard, minimal number of process errors, etc).

        While quantitative incentives usually scale with performance, the behavioral gateway incentives are typically binary. That is to say, even if you nail all your sales targets during the year, the gateway to any incentive payment may be closed if your behaviors were not up to scratch.

        This type of incentive/bonus framework is now common in most financial institutions.

  6. Herodotus 6

    Re “normalised profits” I took great interest in fletcher buildings result ( being a worker) that the normalised profits for bonus calculations excluded costs associated with the earth quake yet all following years the remedial work and building materials sold by the company were normalised. Lesson: bad results are abnormal, good results are normal 🤑

  7. Dukeofurl 7

    What baffles me why do business journalists talk about company results which mostly give profit on accrual basis as if its a cash basis

    “The average loss relating to farmers’ ownership of Fonterra for the co-op’s 10,000-odd farmer-owners amounts to $8,000.”
    really?
    When the numbers that matter is given here:
    “normalised earnings before interest and tax was $902m, down 22 per cent. ‘

    Doesnt sound like a $8k loss because there was no such thing.

    Fonterra is doubly hard to report on because its a Cooperative and the owners are mostly paid in their milk price. A Coop wouldnt normally have a profit at all and all its surplus goes to the farmer suppliers without any tax paid.

    But for a $20 bill company its shows in the gross margins which are 15.5%. Thats $3.2 bill territory.
    Business journalists are doing a bad job when they talk about accounting write offs as individual shareholder losses. That is swap between accrual and cash accounting as though they are the same thing.

  8. Incognito 8

    CEO remuneration packages are big part of the company gloss & PR. It’s like bolting on a big muffler, a big spoiler, and mags and pretend to have a powerful racing car while in fact it is a sad excuse for hoon-wreck to be. People are so easily fooled by shine & gloss (all the glitters is gold). It’s also known as make-believe.

  9. gsays 9

    It’s not just CEOs of large companies where these sort of inequities occur.

    I work in a small business (30 employees, 10 of them full time), there is secure car parking available next door.
    This is for the exclusive use of the general manager and two owners.
    No one else to use them any if they are not being used.
    Leaving the rest of the staff, in the shadow of minimum wage to pay up to $12 a day in fees.

    • RedBaronCV 9.1

      And then there are the joys of working for those that get a bonus. Incentivizes a lot of plain awful downwards behavior.

  10. KJT 10

    https://www.blogger.com/blogger.g?blogID=8242873948775998562#editor/target=post;postID=5019555867712783018;onPublishedMenu=allposts;onClosedMenu=allposts;postNum=94;src=postname

    “One of the corollaries or supporting ideologies behind Neo-Liberalism is the cult of Management.

    The idea that individual shareholders, managers or directors are the main contributors to the success of a corporation, and thence the economy. And deserve the greatest share of the rewards. The jobs and income of all other employees and State servants is a generous charitable gift from these people.

    Except, maybe in the case of genuine entrepreneurs, we all know this is not true.”

  11. SaveNZ 11

    Great to see another quality piece SIMON LOUISSON…

    There seems something abhorrent in a new wave of corporate bosses who are hired in often from overseas at great rates and run the business into the ground by lowering wages in real terms, hiring moron group thinkers from a decade ago financial crisis culture, and making many people outside of that self promoting, anti employee culture redundant and not innovating at all or seeing the future.

    A ten year old can see that you need to have quality IT for example in a modern business, but why pay 8 million (Fonterra) or 5 million (Fletchers) for example to a boss that also manages to screw it up???

    There is little to no strategy going on and little to no management going on in these cases, but still the business community keeps the mantras going… pay the bosses exceptionally to keep competitive, don’t worry about cultural fit, overseas people are better in all cases, pay most other people to do the work poorly and celebrate underpaying employees and ripping them off and giving them no rights under poor managers and then wonder why the business is suddenly not competitive and the company is a shambles within a few years under that approach?

    The top most valuable company in the world is Apple whose founder worked for a salary of $1 at one point and the top 5 most valuable companies are technology.

    When you look at Amazon, a tech retailer – even a company that has an old school way of working aka retail, make value through technology… and often the tech side becomes more profitable than the retail side…

    So as the NZ government goes further and further down the low wage, bums on seats at cheap rates, old school style of commodity business, and attract B grade or less managers at high rates and give them cart blanche to destroy the NZ culture that caused them to be great in the first place and replace old workers with new cheaper contractors often from overseas, NZ as a country are having to use asset sales to keep the Ponzi going and increasingly are not even in control as we recruit bosses that don’t seem to return any value to our shores to run and operate our businesses at the top end, while turning a blind eye to the scams both financial or immigration based blooming smaller business operating concurrently plus the tax scandals like Cadbury who can transfer wealth, replace it with debt and then make everyone redundant shortly after taking over.

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    A chronological listing of news articles linked to on the Skeptical Science Facebook Page during the past week, i.e., Sun, Mar 22, 2020 through Sat, Mar 28, 2020 Articles Linked to on Facebook Sun, Mar 22, 2020 In Just 10 Years, Warming Has Increased the Odds of Disasters by Chelsea Harvey, ...
    6 days ago
  • Rāhui day 3
    I’m here in lockdown with my flatmate and her two girls (6 and 2) and it. is. a time. They’re usually really active so to start with the only boardgame in the house is the copy of Guess Who that the 6 year old got for her birthday. Flatmate commented ...
    The little pakehaBy chrismiller
    6 days ago
  • A test of civil society.
    The CV-19 (COVID) pandemic has seen the imposition of a government ordered national quarantine and the promulgation of a series of measures designed to spread the burden of pain and soften the economic blow on the most strategically important and most vulnerable sectors of society. The national narrative is framed ...
    KiwipoliticoBy Pablo
    6 days ago
  • Life in Lock Down: Day 2
    . . Lock Down: Day 2 – A photo essay with observations . March 27 – Day 2 of our Strange New World. The Park and Ride near my suburb, usually filled with hundreds of vehicles, had just… four; . . Another drive into Wellington City on a highway nearly ...
    Frankly SpeakingBy Frank Macskasy
    6 days ago
  • How Do You Feel? What Do You Think?
    Fortune's Children: Under extraordinary pressure, the leader of the Government and the leader of the Opposition will each show us what they are made of. Have they been blessed with intelligence, grace, wit, poise, toughness, empathy and humour – and in what measure? More importantly, to what extent have they ...
    6 days ago
  • Landlords are NOT an essential service
    If you’ve ever had the misfortune of having to rent a property on the open market in New Zealand, which is one of the most expensive in the entire world, you’ll likely be keenly aware of just how arrogant and entitled landlords and their real estate agents can be.Unfortunately for ...
    6 days ago
  • A “new Society” post-COVID19 will definitely emerge. The question is: on what path?
    Society-wise, aside from the specific morbidity shall we say of the medically-oriented aspects of this COVID-19 crisis, what is unfolding before the world is in more than one way an instructive study of humanity and reactions to a high intensity, high stress environment in real time. Friends, we are at ...
    exhALANtBy exhalantblog
    7 days ago
  • Raise the Bar: Everything you need to know about the wage subsidy
    Right now low waged and insecure workers are feeling the economic brunt of the looming #Covid19 Recession. In response legal advocate Toby Cooper* and hospitality and worker’s rights advocate Chloe Ann-King, are putting together a series of legal blogs about your employment rights: In this legal blog we outline some ...
    PosseBy chloeanneking
    1 week ago
  • The massacre of prisoners in Modelo jail, Bogota, March 21
    by Equipo Jurídico Pueblos and Gearóid Ó Loingsigh (25/03/2020) An escape plan in question On the night of March 21st and the early morning of the 22nd, the forces of the Colombian state stormed into the Modelo prison in Bogotá, murdering 23 prisoners and injuring 83, in response to the ...
    RedlineBy Admin
    1 week ago
  • We are not America
    When the government banned semi-automatic weapons in response to a terrorist atrocity, gun-nuts were outraged. Mired in toxic American gun culture, they thought owning weapons whose sole purpose was killing people was some sort of "constitutional right", a necessity for "defending themselves" against the government. Now, the Court of Appeal ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • When will we know the lockdown is working?
    Just before midnight on Wednesday March 25, Aotearoa New Zealand entered a countrywide alert level four lockdown. For at least the next four weeks, everyone who isn’t an essential worker is confined to their bubble. We are doing this to stop the explosive growth in people contracting and dying from ...
    SciBlogsBy Siouxsie Wiles
    1 week ago
  • Lock Down: Day 1
    . . Lock Down: Day 1 – A photo essay with observations . Day one of the Level 4 nationwide lock-down (or, DefCon 4 as I sometimes cheekily call it) started at 11.59PM on 25 March. For a moment, most of the nation held it’s collective breath. In that brief ...
    Frankly SpeakingBy Frank Macskasy
    1 week ago
  • A Compelling Recollection.
    Broad, Sunlit Uplands: How those words fired my young imagination! Or, perhaps, it is more accurate to say: how those words fused, in my young mind, with the image printed on every packet of Fielder’s Cornflour. Always fascinated by history, especially modern history, I cannot hear Churchill’s wonderfully evocative words, even ...
    1 week ago
  • The Warehouse – where everyone gets a virus
    . . 24 March 2020 9.46AM Number of covid19 cases in Aotearoa New Zealand: 102 . As of 11.59 on Thursday, most of New Zealand will go into “lock down”. People will be expected not to travel to work; not to socialise; and to stay home. I will not be ...
    Frankly SpeakingBy Frank Macskasy
    1 week ago
  • Aggressive action to address climate change could save the world $145 trillion
    This is a re-post from Yale Climate Connections A respected research group, Project Drawdown, finds that deploying solutions consistent with meeting the Paris climate targets would cost tens of trillions of dollars globally. But crucially, those outlays would also yield long-term savings many times larger than the up-front costs. The new 2020 Drawdown ...
    1 week ago
  • After the Pandemic
    It will pass. What happens next? Not immediately, but longer term. There are many opinions, fewer certainties. Will it “change everything!” as many confidently, and contradictorily predict? In this post I look at how foresight can help bound some of the uncertainties so you can more objectively consider the future. ...
    SciBlogsBy Robert Hickson
    1 week ago
  • Coronavirus – Cuba shows the way
    We’ve been meaning t write something on Cuba and the coronavirus but have just discovered a very good article on the subject in the US left publication Jacobin.  The article looks at how Cuba, a poor country but one where capitalism has been done away with, is leading the way ...
    RedlineBy Admin
    1 week ago
  • Using privacy law to prevent the death penalty
    In 2018, El Shafee Elsheikh and Alexanda Kotey - two British citizens who had purportedly been stripped of their citizenship by the British government - were captured while fighting for Isis in Syria. The British government then conspired to hand them over to the US, and agreed to provide evidence ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • It’s Time For Disaster Socialism.
    Transformers: The disaster of the Great Depression was transformed into a new and fairer society by the democratic socialism of the First Labour Government. The disaster of the Covid-19 Pandemic offers a similar transformative possibility to the Labour-NZ First-Green Government. Seize the time, Jacinda! You will never have a better ...
    1 week ago
  • Skeptical Science New Research for Week #12, 2020
    Tamper with The System? Well, we already are. But there's a difference between accidentally trickling sand into a precision gearbox versus formulating a plan to alter it on the fly with improvements in mind. One action is more or less innocently unscrupulous, the other amenable to earning an easy ...
    1 week ago
  • Avoidable hospitalisations: Helping our health system get through COVID-19
    Associate Prof George Thomson, Louise Delany, Prof Nick Wilson While it is possible that New Zealand can use intense public health controls to eradicate COVID-19 from the country – we must also plan for other scenarios where thousands of New Zealanders are sick – including many urgently hospitalised.1 Better resilience ...
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    1 week ago
  • Raise the Bar: 10 questions to ask your employer proposing redundancy
    Kia ora my name is Chloe Ann-King* and I am the founder of Raise the Bar, a campaign and non-profit that gives free legal aid, advocacy and tautoko to hospitality workers in Aotearoa. Right now all over our country hospo workers are being fired at will, having shifts cut or being ...
    PosseBy chloeanneking
    1 week ago
  • An equitable way to support business
    The Herald reports that the government is planning to lend billions of dollars to large businesses to keep them operating during the pandemic. As with mortgage relief, this is necessary: we need companies to stay in business, to reduce the economic damage and help things get restarted again when this ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Hard News: Together Alone
    We're about to do something unprecedented as a nation. We hope that by taking this extraordinary action before a single life in New Zealand has been lost to the deadly novel virus we will save tens of thousands of lives. Our  lives. We'll do it together, in households, in isolation ...
    1 week ago
  • Why timing is everything: ‘A time to refrain from embracing’ starts today
    “There is a time for everything,    and a season for every activity under the heavens.”So writes the author of Ecclesiastes, a book in the Old Testament that’s counted as a ‘wisdom’ book and written as if by an unnamed king of Jerusalem. But who would have thought there would be a time ...
    PunditBy Tim Watkin
    1 week ago
  • Dealing with the Covid-19 Tsunami.
    I was surprised when the prime minister described the Economic Response to Covid-19 package as the ‘largest peacetime government spend in New Zealand's history’. Reflecting – checking through history – I realised that the term ‘spend’ was crucial and the package had no income tax cuts. Even so, it has ...
    PunditBy Brian Easton
    1 week ago
  • What about renters?
    The government today announced the latest part of its pandemic relief package: a six-month mortgage holiday for people whose incomes have been affected by the pandemic. Which is great, because these people are going to need help, and that's what the government should be doing. At the same time, it ...
    No Right TurnBy Idiot/Savant
    1 week ago

  • Further measures to support businesses
    The Government will be introducing legislation to make changes to the Companies Act to help companies facing insolvency due to COVID-19 to remain viable and keep New Zealanders in jobs. The temporary changes include: Giving directors of companies facing significant liquidity problems because of COVID-19 a ‘safe harbour’ from insolvency ...
    BeehiveBy beehive.govt.nz
    3 hours ago
  • Govt’s COVID plan, economic strength recognised
    The Government’s plan to cushion the blow of COVID-19 by supporting incomes, jobs and businesses, and position the economy to recover has been backed by another international report. International credit rating agency Moody’s today reaffirmed its highest Aaa credit rating on New Zealand, saying the economy is expected to remain ...
    BeehiveBy beehive.govt.nz
    7 hours ago
  • Funding certainty for sports through COVID-19
    National sports organisations have been given certainty of funding to ensure they can remain viable through the COVID-19 pandemic, Sport and Recreation Minister Grant Robertson announced today. “The global spread of COVID-19 has had a significant impact on sport and recreation in New Zealand, including the cancellation or postponement of ...
    BeehiveBy beehive.govt.nz
    13 hours ago
  • Butchers now allowed to process pork
    Changes have been made to allow butchers to process pork, only for supply to supermarkets or other processors or retailers that are open, Agriculture Minister Damien O’Connor has announced. “We carefully weighed the risk of allowing butchers to open their shops for retail customers, but the risk of spreading COVID-19 ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Essential workers leave scheme established
    Essential workers who take leave from work to comply with public health guidance are being supported with a leave scheme to ensure they will continue to receive income, say the Minister of Workplace Relations and Safety Iain Lees-Galloway and Minister for Social Development, Carmel Sepuloni. A number of essential businesses ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Govt WhatsApp helps share COVID-19 information
    A Government WhatsApp channel has been launched to help make information more easily accessible and shareable in the fight against COVID-19. Govt.NZ, which is free to use on any mobile device, will carry information and news for the public, businesses, healthcare providers, not for profits and local government. It can ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Managed departure plan for stranded foreign nationals enables safe, orderly exit
    The Government has announced a plan to enable the safe, orderly exit of tens of thousands of stranded foreign nationals from New Zealand during the current COVID-19 Alert Level 4 restrictions, Deputy Prime Minister and Foreign Minister Winston Peters has said. “When we moved into lockdown a week ago, the ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Government delivers COVID-19 support to GPs and Pharmacies
    Health Minister Dr David Clark says the Government is delivering on its commitment to support general practice doctors and nurses, and pharmacies on the front-line of our fight against COVID-19. "For us to overcome COVID-19, we need community health services such as general practice and community pharmacy to step up ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Susan Thomas the new Chief High Court Judge
    Justice Susan Thomas has been appointed Chief High Court Judge, Attorney-General David Parker announced today.  She replaces Justice Geoffrey Venning who has resigned from the position.   David Parker paid tribute to Justice Venning, who he said had stewarded the High Court very capably over the last five years.   “On behalf ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • Business Finance Guarantee – applications open
    Businesses can start applying to their banks for loans under the Business Finance Guarantee Scheme set up to support the New Zealand economy during the COVID-19 pandemic. “We’re moving quickly to protect New Zealand businesses, jobs and the economy during this unprecedented global economic shock,” Finance Minister Grant Robertson said. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Work starts on ways to fast-track consents to boost recovery from Covid-19 downturn
    Work is underway looking at measures to speed up consents for development and infrastructure projects during the recovery from COVID 19, to provide jobs and stimulate our economy.  Environment Minister David Parker said the COVID-19 pandemic is a serious global crisis that will have a wide ranging and lasting impact ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Advance payments to support contractors
    Advance payments will be made to transport construction industry contractors to retain the workforce and ensure it is ready to quickly gear up to build projects which will be vital to New Zealand’s COVID-19 economic recovery, Transport Minister Phil Twyford announced today. He said keeping the workforce required to build ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government seeks infrastructure projects
    The Government has tasked a group of industry leaders to seek out infrastructure projects that are ready to start as soon as the construction industry returns to normal to reduce the economic impact of the COVID-19 pandemic, Economic Development Minister Phil Twyford and Infrastructure Minister Shane Jones say. The Infrastructure ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Health system scaled up to prepare for COVID-19
    Work to scale up the health system in preparation for COVID-19 was today outlined by Health Minister David Clark, as he reported back to the new Epidemic Response Committee. “We are well placed to contain the spread of COVID-19. We have taken early and decisive action at our borders, and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Essential media COVID-19 guidelines refined
    The Government is refining its COVID-19 essential business guidance to include the distribution of news publications for communities which are hard to reach. The Minister of Broadcasting, Communications and Digital Media, Kris Faafoi, said the move was in recognition of the importance for New Zealanders who might be harder to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Supermarkets able to open on Easter Sunday
    The Government is ensuring supermarkets can open on Easter Sunday so we can buy groceries, but stay closed on Good Friday allowing workers to take a break. This provides a balanced approach and ensures we avoid large queues that two days closure may cause. “Supermarkets will be able to open ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • New Zealand defence personnel conclude mission at Taji
    Following the successful conclusion of the Building Partner Capacity (BPC) mission at Taji, New Zealand defence personnel are returning to New Zealand from Iraq, in accordance with the Cabinet decision made in June 2019, Foreign Affairs Minister Winston Peters and Defence Minister Ron Mark announced today. “New Zealand is very ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • State of National Emergency extended
    The State of National Emergency to help stop the spread of COVID-19 has been extended for a further seven days, Minister of Civil Defence Peeni Henare said. The initial declaration on March 25 lasted seven days and can be extended as many times as necessary. “Since we went into isolation ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Strong Govt books support ‘go hard, go early’ response
    New Zealand’s ability to go hard and go early in the fight against COVID-19 has been underpinned by strong Government finances and the growing economy heading into this global pandemic, Finance Minister Grant Robertson says. The Treasury today released the Crown financial statements for the eight months to the end ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Christchurch Hospital Hagley ICU to open to support COVID-19 response
    Health Minister Dr David Clark says 36 new intensive care beds at Christchurch Hospital’s new Hagley building are being fast tracked so they are available for treatment of COVID-19 patients.   The Ministry of Health is working with contractor CPB and Canterbury DHB to enable access to the hospital’s ICU, ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Government supports Air NZ freight flights
    The Government has fast-tracked up to $1 million to help Air New Zealand move urgent freight to and from New Zealand, with the first flight to Shanghai leaving tonight, Transport Minister Phil Twyford announced today. Phil Twyford says it’s crucial that trade in vital goods such as medical supplies and ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • Tariff concessions on COVID-19 related products
    New Zealand will temporarily remove tariffs on all medical and hygiene imports needed for the COVID-19 response. Trade and Export Growth Minister David Parker and Commerce and Consumer Affairs Minister Kris Faafoi said today that the New Zealand Customs Service will apply tariff concessions to all diagnostic reagents and testing ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Clarification of modification to wage subsidy scheme
    Minister of Finance Grant Robertson has clarified that the changes to the wage subsidy scheme announced yesterday mean that employers should be passing on the full subsidy to workers, except in the case where the person’s normal income is less than the level of the subsidy. “We still want employers ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Face masks flowing to DHBs
    Medical face masks from the national reserve supply are now being distributed to District Health Boards, while at the same time local production is being ramped up. Yesterday more than 640,000 masks were sent to DHBS – that is an immediate two week supply, with more to follow in coming ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19: Further steps to protect New Zealanders’ jobs
    The Government has made modifications to the wage subsidy scheme to ensure people don’t lose their jobs during the national lockdown. These changes will soften the impact of COVID-19 on workers, families and businesses, and position them to exit the lockdown and look to recovery, Finance Minister Grant Robertson says. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Tax relief for Mycoplasma Bovis farmers
    Farmers whose herds were culled in response to the outbreak of Mycoplasma bovis will be able to minimise the tax treatment of their income in some circumstances. Revenue Minister Stuart Nash says Cabinet has agreed to change the law. It means farmers may be eligible to spread their income over ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • $27 million for NGOs and community groups to continue providing essential services
    A $27 million dollar package, effective immediately, is being provided to social sector services and community groups to ensure they can continue to provide essential support to communities as we stay at home as a nation to stop the spread of COVID-19, Minister for Social Development Carmel Sepuloni announced. “At ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Statement on guilty plea of March 15 terrorist
    “The guilty plea today will provide some relief to the many people whose lives were shattered by what happened on March 15,” Prime Minister Jacinda Ardern said. “These guilty pleas and conviction bring accountability for what happened and also save the families who lost loved ones, those who were injured, ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19 updates
    The Prime Minister is holding daily press conferences to update New Zealanders on the Government's response to COVID-19. Links to videos and transcripts of these updates below. These transcripts also include All of Government press conferences led by Director Ministry of Health's Director-General of Health Dr Ashley Bloomfield. 25 March: Live update from the Prime ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Police numbers break through 10,000 mark
    Frontline Police numbers have broken through the 10,000 mark for the first time in history as officers step forward to keep the community safe during the COVID19 lockdown. “Two Police graduations in Auckland and Wellington in the past week have been conducted in unprecedented circumstances,” Police Minister Stuart Nash said. ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Urgent tax measures for economic recovery
    Urgent legislation has been passed to support the package of economic and social measures needed to recover from the impact of the coronavirus outbreak. “The COVID-19 Response (Taxation and Social Assistance Urgent Measures) Bill will cushion New Zealanders from the worst economic impacts of the COVID-19 outbreak,” said Revenue Minister ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Further support for farmers and growers as drought persists
    From tomorrow, Government support for farmers and growers affected by drought will be expanded and extended across the country, with access to Rural Assistance Payments (RAPS) available throughout the North Island, parts of the South Island and the Chatham Islands, Social Development Minister Carmel Sepuloni announced. “These challenging conditions have ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19: Temporary changes to Education Act
    Parliament has passed amendments to legislation that give the Secretary of Education stronger powers to act in the fight to limit the spread of COVID-19, Education Minister Chris Hipkins said today. “They are part of a suite of changes passed under the COVID-19 Response (Urgent Management Measures) Legislation Bill,” Chris ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Canada, Australia, Chile, Brunei and Myanmar join NZ and Singapore in committing to keeping supply a...
    Canada, Australia, Chile, Brunei and Myanmar have joined forces with New Zealand and Singapore by committing to keep supply chains open and remove any existing trade restrictive measures on essential goods, especially medical supplies, in the face of the Covid-19 crisis.  Trade and Export Growth Minister David Parker today welcomed ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • COVID-19: Rent increase freeze and more protection for tenants
    Immediate freeze on rent increases Tenancies will not be terminated during the lock-down period, unless the parties agree, or in limited circumstances Tenants who had previously given notice can stay in their if they need to stay in the tenancy during the lock-down period Tenants will still be able to ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Working together to protect businesses and workers
    As New Zealand unites to lock-down in the fight against COVID-19, the Finance Minister is urging all businesses and workers to stay connected over the next four weeks. “We understand the extreme pressure many businesses are under right now. I know most business owners think of their workers as family ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • State of National Emergency declared to fight COVID-19
    A State of National Emergency has been declared across the country as the Government pulls out all the stops to curtail the spread of COVID-19. “Today we put in place our country’s second ever State of National Emergency as we fight a global pandemic, save New Zealanders’ lives and prevent ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister’s statement on State of National Emergency and Epidemic Notice
    Mr Speaker I wish to make a Ministerial Statement under Standing Order 347 in relation to the recent declaration of a State of National Emergency. Having considered the advice of the Director Civil Defence Emergency Management, the Minister of Civil Defence declared a State of National Emergency for the whole of ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Deadline for domestic travel extended
    People needing to travel on domestic flights, trains and Cook Strait ferries to get home before the country moves into level 4 lock-down tomorrow night will be able to continue using the passenger services until midnight on Friday, Transport Minister Phil Twyford said today. Domestic passenger services, particularly ferries, have ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Mortgage holiday and business finance support schemes to cushion COVID impacts
    The Government, retail banks and the Reserve Bank are today announcing a major financial support package for home owners and businesses affected by the economic impacts of COVID-19. The package will include a six month principal and interest payment holiday for mortgage holders and SME customers whose incomes have been ...
    BeehiveBy beehive.govt.nz
    1 week ago