Sky City Asks for CEO Pay Raise

13 Oct 2005

NEW ZEALAND – As reported by New Zealand Stuff: "Sky City Entertainment Group is asking shareholders to approve a new remuneration package for chief executive Evan Davies, and has issued three independent reports that declare the package reasonable, fair and appropriate.

"Sky City wants to raise Mr Davies' base salary to $950,000 for the June 2006 year from $900,000 this year. It also proposes an annual incentive payment, to be awarded in the event of 'significant personal and company outperformance', totalling a maximum of $1.5 million. The incentive payment would comprise 50 per cent cash and 25 per cent each in restricted ordinary shares and share rights. His pay would be structured the same way in 2007 and 2008.

"Sky City wants to issue Mr Davies up to $1.125 million worth of both share rights and restricted shares over the three years in three tranches. This year, Mr Davies was paid $1.4 million, including a $538,992 bonus for the 2003-04 year.

"…Shareholders Association corporate liaison Des Hunt said the three independent reports seemed an overkill and something the association did not want to encourage…"

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	Sky City Asks for CEO Pay Raise 13 Oct 2005 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> NEW ZEALAND – As reported by New Zealand Stuff: "Sky City Entertainment Group is asking shareholders to approve a new remuneration package for chief executive Evan Davies, and has issued three independent reports that declare the package reasonable, fair and appropriate. "Sky City wants to raise Mr Davies' base salary to $950,000 for the June 2006 year from $900,000 this year. It also proposes an annual incentive payment, to be awarded in the event of 'significant personal and company outperformance', totalling a maximum of $1.5 million. The incentive payment would comprise 50 per cent cash and 25 per cent each in restricted ordinary shares and share rights. His pay would be structured the same way in 2007 and 2008. "Sky City wants to issue Mr Davies up to $1.125 million worth of both share rights and restricted shares over the three years in three tranches. This year, Mr Davies was paid $1.4 million, including a $538,992 bonus for the 2003-04 year. "…Shareholders Association corporate liaison Des Hunt said the three independent reports seemed an overkill and something the association did not want to encourage…"