Warehouse directors look for 20pc pay rise

Ted van Arkel, soon to be chairman of The Warehouse. File photo / NZ Herald

The Warehouse Group, New Zealand's biggest listed retail business, is seeking a 20 per cent increase in its directors' pay.

The Auckland-based firm will ask shareholders at its annual meeting next week to approve a lift in annual directors fees from $750,000 to $900,000, which it says will enable the company to attract and retain high-quality board members.

The Warehouse announced a boardroom shuffle last month.

Current chairman Graeme Evans and director Janine Smith will retire from the board after next week's meeting.

Ted van Arkel, currently an independent director of the retailer, will step up to replace Evans as chairman, while two new directors - Noel Leeming boss John Journee and ex-Air New Zealand general counsel Vanessa Stoddart - have joined the board.

The company reported a 13.1 per cent rise in net profit to $73.7 million in its last financial year.

Shares have gained 17.7 per cent in the last 12 months.