TVNZ and NZ Post Chairman Ross Armstrong is being paid SOE directors fees totalling over $200,000 - almost as much as the Prime Ministers salary, according to National spokesperson for State Owned Enterprises Murray McCully.

"When directors fees are set for the two TVNZ subsidiaries, on which Dr Armstrong is expected to sit, his fees may exceed the Prime Minister's $231,000 per year, he said.

Mr McCully says he's based is assertion on figures released today in an answer to a Parliamentary question which showed that Dr Armstrong will collect $24,000 per year as a director of Kiwibank.

"This comes on top of $62,672 as chair of NZ Post, $80,500 as chair of TVNZ, and $39,000 as chair of the Crown Research Institute, Industrial Research Ltd - an all up total of $206,172. On that basis a modest $20,000 each for the two new TVNZ subsidiaries will have Dr Armstrong being paid more than the Prime Minister," Mr McCully said.

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