IAG named worst trans-national corporation

  • 02/05/2016
IAG named worst trans-national corporation

IAG  has finally cracked its Roger Award duck, being named the worst trans-national corporation operating in New Zealand.

Five years after the deadly 2011 Christchurch earthquake, the insurance giant was named the winner of the dubious award over the weekend, beating off Serco, Apple, Bunnings, and Westpac.

"IAG was a finalist for the fourth consecutive year, which will be no surprise to anyone who has lived in Christchurch since 2010," says Murray Horton, secretary of Campaign Against Foreign Control of Aotearoa.

IAG owns insurers State, NZI, Lumley and AMI.

Three of the five judges believed the insurer was the clear winner because of its economic dominance and impact on people.

IAG disclosed a significant portion of its Canterbury quake costs in the lower tax jurisdiction of Singapore, and last year Jacki Johnson was the highest-paid chief executive in New Zealand -- $4.59 million -- Mr Horton says.

"There's money to be made from other people's misery."

Mr Horton says insurance trans-nationals, of which IAG was by far the biggest, are still making life hell for thousands of Christchurch people.

The Roger Awards, established in 1997, are named after Sir Roger Douglas, the former Labour finance minister responsible for wide-reaching market reforms introduced in the 1980s.

NZN / Newshub.