What was the minimum wage again?

Quick vote and NZX boss gets deal topping $1.4m

By JAMES WEIR – The Dominion Post | Friday, 7 September 2007

ROBERT KITCHIN/Dominion Post

REASON TO SMILE: NZX shareholders have approved a new incentive scheme for chief executive Mark Weldon, which could potentially boost his annual salary package to more than $1.4m.

In less than five minutes and with just one question, NZX shareholders gave their approval for a new incentive scheme for chief executive Mark Weldon.

Chairman Simon Allen held proxies 95 per cent in favour of the new scheme, but it was passed in a unanimous show of hands by about 20 shareholders at a special meeting in Wellington yesterday.

The incentive scheme, which potentially boosts Mr Weldon’s annual salary package to more than $1.4 million, was recommended by the board.

The scheme runs for 3½ to 4½ years before Mr Weldon gets the full benefit but he is not on a fixed-term contract.

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