Outrageous salary

The Post reports:

The head of an investment fund which is being shut down by the Government has been on an annual salary of nearly $1 million paid by the public purse, which the climate change minister says is “hard to justify”.

Green Investment Finance was established under the previous government to support investments in emissions-reducing ventures, but in April last year it was announced it would be wound up in April last yearafter anger among ministers over the fund’s failed investment in rooftop solar installer SolarZero.

That is an obscene salary for the role.

The GIF is very different to say the NZ Super Fund or the role overseeing ACC investments. Their job is to get the best return for their organisations, and their performance can easily be judged by the return on investment they get. Good decisions by them can make tens or hundreds of millions more money. So I have no problem with those roles getting paid seven figure salaries.

But the GIF was a form of corporate welfare. It was to take taxpayer money and invest it in approved decarbonisation industries. They failed and lost $116 million in the last year.

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