25 February 2009

CIAL freezes senior executive pay & director fees

Christchurch International Airport Ltd has today announced a freeze on executive management team salaries and director fees for the coming year.

Chairman David Mackenzie said the decision was made in recognition of the current economic climate and because it was consistent with other ongoing company initiatives to manage costs.   

“The company is very focused on managing its costs in the current economic environment.  We recognise it is imperative that we act both prudently and responsibly to reduce our costs where possible, without compromising the service to our customers and visitors to the airport, or our much needed new terminal and wider airport investment programme. 

“Both the Board and the senior executives agreed unanimously that they will not be seeking any increase in salaries or fees this year.  They all saw this move as being a sensible response to the current situation.

“I believe it shows strong leadership in a period of unprecedented economic uncertainty, and I’m sure the signal it sends will be appreciated by our staff, shareholders and customers alike,” said Mr Mackenzie.

Acting Chief Executive, Jim Boult, said details of other employee’s salary and wage discussions would be finalised in the near future.

“We are expecting a tough year, and companies throughout New Zealand are doing what they can to contain costs.  For us, this means managing all of our costs carefully, including salary and wage budgets, throughout this period.”