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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: StockDung who wrote (83029)	1/20/2003 11:07:20 AM
From: SEC-ond-chance	Respond to of 122087

More on former New TEL director Domenic V. Martino Martino on defensive again 05dec02 DOMENIC Martino, the high-profile chief executive of accounting giant Deloitte embroiled in controversy over the collapse of telco company New Tel, yesterday was forced to defend criticism from shareholders in another company over big pay hikes for directors. Mr Martino is the chairman of the Sydney Gas Company, a junior gas explorer, and came under fire at the company's annual meeting from shareholders concerned about the level of fees flowing to directors in a year when the company raised $7 million from investors. He also attempted to defuse shareholder anger over directors' consultancy contracts. Sydney Gas paid out more than $1.4 million last financial year to related parties of the directors, up from about $565,000 the year before. The fresh controversy came as Mr Martino defended his role in New Tel and that of long-term business associate Peter Malone, New Tel's chief executive, over the near-collapse of the group and the loss of more than $100 million in shareholders' funds. Mr Martino was a director of New Tel until February. Asked after the Sydney Gas meeting if New Tel's fall was a scandal, Mr Martino said: "That's a personal opinion. Peter may have made mistakes but I think he has done plenty of good things, too. I may have made mistakes but I fulfilled my duties to the best of my ability." Long-suffering Sydney Gas shareholders quizzed Mr Martino, with one asking "where is the money going?". Accumulated losses at Sydney Gas now total more than $21.9 million. Sydney Gas announced a new gas sales contract with AGL yesterday, but after years of trying the company is yet to prove the commercial viability of its coalbed methane technology. While shareholders yes terday applauded the AGL news, most of the focus remained firmly on the fees the company is paying. Mr Martino's Deloitte earned more than $457,000 in fees for the last financial year, up from $105,000, while $600,000 was paid to the Perth-based Corporate Management Consultancy Pty Ltd, a firm linked to Sydney Gas chief executive Bruce Butcher. That compared with $213,150 for the year before and on top of the Mr Butcher's salary of $191,631. "It has been open season on directors' fees and some of the criticism is warranted," Mr Martino told the meeting. "But on this occasion I don't think it's justified." A pool of directors fees of $100,000 was increased to $300,000 yesterday – which Mr Martino stressed would allow the company to employ more directors, with the company targeting people who may help bring institutional investors to the company who have ignored the company thus far. theaustralian.news.com.au