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http://www.dailytelegraph.com.au/ne...-power-directors/story-e6freuzi-1226050778865
Barry O'Farrell has sacked the electricity company directors appointed by former treasurer Eric Roozendaal to rush through the botched power sale last December.
Former minister Kim Yeadon, Michael Lilley and John Dermody will be taken off the Delta board immediately and Jan McClelland will be taken off the Eraring board.
Mr Dermody and Ms McClelland were chairs of the respective boards.
Another former director who headed the sale advisory team for the government, the former head of premier and cabinet Col Gellatly, resigned from the Eraring board on March 25, the day before the election.
Their appointments were made after eight former directors, including former Labor minister Michael Knight, resigned in protest at the price the then-government was getting for the partial sell-off of the companies.
The government received $5.3 billion but after costs, liabilities and the payment of the companies' debts were taken into account it was left with just a few hundred million.
All five of the newer appointments had worked on Mr Roozendaal's team on the sale before their board appointments. "These four directors were put in a compromising position," Mr O'Farrell said.
"They were rushed on to the boards despite the exodus of eight other directors and required to consider the deal with minimal notice or scrutiny because of the former government's desperation to sell off our assets."
Mr Dermody, Mr Yeadon and Mr Gellatly were not paid but Ms McClelland was being paid an annual salary of $106,900 as chair of Eraring and Mr Lilley $60,600 as a director of Delta.
Mr O'Farrell's office said he would only have to appoint one director to each of the boards, which could survive with four directors each.
Mr O'Farrell has appointed Justice Brian Tamberlin to head a special commission of inquiry into the power sale.
Meanwhile, the parliamentary budget officer yesterday reported that the $5.2 billion black hole the Government is facing "would not itself imperil the state's finances or its AAA credit rating".
The report found that the "general government's net debt and unfunded superannuation level is about $8 billion below the level which might lead to a review of the AAA credit rating".
Barry O'Farrell has sacked the electricity company directors appointed by former treasurer Eric Roozendaal to rush through the botched power sale last December.
Former minister Kim Yeadon, Michael Lilley and John Dermody will be taken off the Delta board immediately and Jan McClelland will be taken off the Eraring board.
Mr Dermody and Ms McClelland were chairs of the respective boards.
Another former director who headed the sale advisory team for the government, the former head of premier and cabinet Col Gellatly, resigned from the Eraring board on March 25, the day before the election.
Their appointments were made after eight former directors, including former Labor minister Michael Knight, resigned in protest at the price the then-government was getting for the partial sell-off of the companies.
The government received $5.3 billion but after costs, liabilities and the payment of the companies' debts were taken into account it was left with just a few hundred million.
All five of the newer appointments had worked on Mr Roozendaal's team on the sale before their board appointments. "These four directors were put in a compromising position," Mr O'Farrell said.
"They were rushed on to the boards despite the exodus of eight other directors and required to consider the deal with minimal notice or scrutiny because of the former government's desperation to sell off our assets."
Mr Dermody, Mr Yeadon and Mr Gellatly were not paid but Ms McClelland was being paid an annual salary of $106,900 as chair of Eraring and Mr Lilley $60,600 as a director of Delta.
Mr O'Farrell's office said he would only have to appoint one director to each of the boards, which could survive with four directors each.
Mr O'Farrell has appointed Justice Brian Tamberlin to head a special commission of inquiry into the power sale.
Meanwhile, the parliamentary budget officer yesterday reported that the $5.2 billion black hole the Government is facing "would not itself imperil the state's finances or its AAA credit rating".
The report found that the "general government's net debt and unfunded superannuation level is about $8 billion below the level which might lead to a review of the AAA credit rating".