03 October 2003 12:00am

Intriguingly, the three new directors appointed to ERG during the financial year are not getting paid.

This might make sense in the case of Duncan Saville, and Robert Topfer from investment bank Babcock & Brown, who are protecting their investments and loans to ERG, but is a bit more of a puzzle in the case of the new chair, Tony Shepherd, from Transfield. However, as a recent appointment, perhaps his 2003 fees have been deferred until 2004.

One director who got paid a lot more in 2003 than in 2002 is managing director Peter Fogarty. He's paid through a management...