Shareholders have given the Methven board of directors a pay rise, but only if the tapware company increases its after tax profit by more than 20% this year.
At Methven's annual meeting in Auckland on Thursday, shareholders approved a resolution to increase the pool of directors pay by $100,000, to $350,000.
The board had commissioned an independent analysis on pay rates, which found Methven's directors fees, currently set at $38,000 per year, were below the market average.
But chairman Phil Lough says the board decided a $9000 pay rise would be acceptable only if the company achieved significant profit growth this financial year.
Mr Lough says a 20% increase in profit is a very tough target in the current environment.
Methven directors have declined pay rises since 2008 because of difficult economic conditions.
Meanwhile, the company says it can't give any guidance about its profit for the current financial year, only to say that it hopes to lift it, and reduce debt.
