Workers named in thanks for efforts

AUCKLAND: In gratitude to its 10,393strong global team for their efforts working under ‘‘unimaginable pressure’’ last year, Mainfreight has published every one of their names in its new annual report.

The NZXlisted global logistics and transport company reviewed another record financial performance — revenue up 47 % to $5.2 billion, profit before tax up 86.5% to nudge $490 million, net profit after tax 89% stronger at $355 million — but the overarching theme of its annual report was praise for its team during ‘‘extraordinary’’ economic conditions and supply chain snarls in all five world regions where it operates.

Group managing director Don Braid paid tribute to ‘‘the wonderful efforts of our people, whose entrepreneurial spirit has found solutions for our customers in what has been a difficult logistics environment’’.

Chairman and founder Bruce Plested, who for the eighth year running did not take the governance fee he was entitled to — $240,000 in FY22 — wrote that in Mainfreight’s 45th year, most of the freight the company moves around the world, much of it 24/7, was required ‘‘on time’’.

‘‘. . . We have a companywide passion to achieve, and achieve and keep on achieving. That is perhaps the most important way in which we retain our existing customers and grow our business,’’ Mr Plested said.

Mainfreight paid a FY22 discretionary bonus totalling $94.2 million to its team, up 114.7% on the previous year.

Thanking the team for rising to the challenges of ‘‘extraordinary times’’, the annual report said ‘‘with everyone working under unimaginable pressure at times, you’ve made the impossible, possible’’, going on to fill 15 pages with their names.

Director fees did not increase from $120,000 in FY22, but Braid’s remuneration rose by $779,917, from $2.59 million in FY21 to $3.37 million.

This comprised base salary of $2.5 million, up from $1.8 million in 2021; a discretionary performance bonus of $806,080 ($726,163) and vehicle and other noncash unchanged at $67,347.

Last year, due to Covid, Mr Braid’s base salary was paid at 50% of normal from April 1, 2020 to September 30, 2020.

The report said the discretionary performance bonus related to the previous financial year based on that year’s revenue and profit growth, as well as other quality KPIs.

A minimum of 33.3% of base salary was payable. There were no other shortterm or longterm incentives.

Last year, director fees were also paid at 50% of the normal rate from April 1, 2020 to September 30, 2020, due to pandemic uncertainty. —