The Fiji Sugar Corporation (FSC) has announced an increase in the total fees and allowances paid to its board of directors due to an expanded board size, as explained by chairman Nitya Reddy. According to FSC’s 2024 annual report, directors received $24,000 in 2023, while the total for 2024 has risen to $72,000. Reddy clarified that there has been no increase in the individual allowances for 2024.
“In 2023, only three out of six directors took their allowances, totaling $24,000, which does not reflect the full board’s compensation,” Reddy stated. With the addition of a full nine-member board in 2024, the allowances reached $72,000, maintaining a rate of $8,000 per director annually. He emphasized that this increase is solely due to the full board’s composition and not a hike in individual rates.
Reddy pointed out that the directors’ rates of allowance have remained unchanged for the past seven years. He commended the FSC board, which includes seven experienced full-time executives and two reputable agricultural leaders, for their commitment and the financial sacrifices they have made for the corporation’s benefit. Their expertise is crucial for providing strong leadership and strategic direction, he noted—something the sugar industry has lacked for two decades.
He added that FSC directors are among the lowest paid in comparison to other state-owned enterprises in Fiji. The allowances are notably lower than the compensation received by other government boards, with current Ministry of Public Enterprises guidelines showing that directors of all 26 state-owned enterprises earn between $10,000 and $17,000, and chairpersons earn between $15,000 and $30,000. Reddy highlighted that FSC’s director allowances, set at $8,000 each, are at the lower end of the scale, especially considering the significant responsibilities they carry.
Leave a comment