Powerhouse Ventures Ltd. made changes to the day-to-day responsibilities and remuneration of its directors.
The company said it would divide the operational responsibilities between three current directors, meaning that Russell Yardley will become executive chairman and Ian Lothian and Geoff Gander will become executive directors. The changes take effect immediately.
The responsibilities for the company's day-to-day operations will be shared among the three directors with Russell Yardley focusing primarily on building alliances with the Australian government and university sectors. Lothian will focus on the management of the New Zealand operation, while Gander will handle capital markets and international alliances.
The remuneration structure for each director will be director fees of NZ$50,000 per annum and consulting fees of NZ$30,000 per annum, for a total of NZ$80,000 per annum.
As of Sept. 5, US$1 was equivalent to NZ$1.57.
