TVNZ boss Kevin Kenrick received a $120,000 pay rise this year, earning 8 percent more than he did in 2018.
The TVNZ 2019 annual report released on Monday shows that the chief executive earned $1,548,729 ($1.55m) in the 2019 financial year, up from $1,428,907 in 2018. The total figure includes holiday pay and superannuation and is said to be assessed against market rates.
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While the amount of Kenrick's fixed remuneration for 2019 dropped by $10,588 to $890,424, his short-term performance incentive rose from $460,054 to $584,736.
According to the report, 250 employees, including executive and production staff earn $100,000 plus, with the nearest contender to the top job paid between $550,000-$560,000.
In sharp contrast, company directors were paid well under $100,000. Signing off from a three-year tenure as chair of the board, Dame Therese Walsh was paid $89,350, while director Andrew Coupe received $51,190 and Abigail Foote was paid $49,329. The other four directors were all paid $44,675 each.
Redundancy compensation of $618,237 was paid to 13 employees, including payment in lieu and settlement of disputes.
The report confirms that for the 2019 financial year, TVNZ's net profit after tax is $2.9m, coming in well above the $2.5m target but down $2.2m due to an unfavourable foreign exchange movement.
In the Chairman's address, Walsh said that the board will stop dividend payments to accelerate reinvestment in the business.
"TVNZ plans to use its cash reserves over the next few years to future proof organisational capabilities and enable the business to compete more effectively with global competitors," she said.
The company is embracing changing viewing habits and investing in enhanced digital capabilities to enable viewers to pick how and when they watch content.
During 2019, TVNZ had invested in OnDemand services, including content offering and device availability, and as a result, experienced growth in video streaming, audience reach and advertising.
Kenrick said that the company's point of difference over global competitors is its local content and there are plans to materially shift content investment in favour of local production.
"We remain committed to long-running iconic shows like Shortland Street, Country Calendar and Waka Huia, combined with new formats and programmes such as Anika Moa Unleashed and Fresh Eggs," Kenrick said
To maintain financial viability, over the next few years, TVNZ plans to simplify processes and adopt contemporary ways of working to maximise productivity.
The company employs 670 full-time staff, up from 641 in 2018.
Newshub.
