12pc lift in Opus directors' fees meets little opposition

Opus chairman Kerry McDonald's fee may rise by $10,000 to $120,000. Photo / Dean Purcell

Shareholders in Opus International Consultants voted in favour of a 12 per cent increase in directors' fees at yesterday's annual meeting.

The engineering consultancy had sought to increase its directors' fees by $42,500, or 12 per cent, to $400,000 a year, effective from next January.

Chairman Kerry McDonald's fee will rise by $10,000 to $120,000, and directors will get a $5000 lift in fees to $60,000 a year.

The original pool was set in 2007 when shares were $1.65 apiece. Opus shares traded yesterday at $2.15.

On the question of fees, Opus did not meet any opposition from investors advocate, the New Zealand Shareholders' Association.

In 2011, the company's net profit came to $24.5 million, up 11.5 per cent, compared with the previous year. It has managed to increase its earnings each year since listing in 2007.

Opus, whose origins lie in the former Ministry of Works, has strong links with Malaysia.

McDonald said Opus was actively exploring opportunities for collaboration with its 61 per cent owner, Malaysia's Opus Group Bhd, which is part of the United Engineers of Malaysia (UEM) group.

Managing director David Prentice said 2012 would be challenging and that the company would closely manage its costs.

"With austerity measures in place in many of our markets, the focus on asset management is growing with economic conditions forcing infrastructure owners to move towards better management, cost saving and a 'whole of life' approach," he said.

Growth would continue to be supplemented by acquisitions, particularly in Australia and Canada, he said.