There are many theories about human happiness, one of which states that as we get better off than our neighbours, so we become happier. I don't personally subscribe to this one because I like to think I am as happy as those around me who are rolling in it compared to me and the Mrs. And if it is true then why are so many councillors curmudgeonly? Why do you never see a happy accountant? But if this theory is correct then Mr and Mrs Hain of Aberdulais must surely be the happiest people in the Neath area. In fact, I'd bet they are laughing all the way to the bank.
It is fairly well known that Mrs Hain secured a number of directorships at the beginning of 2015. She holds six directorships currently, of which four are with Scottish Power and its various subsidiaries, one in her executive recruitment agency with husband, Peter, and one as a Trustee with Leonard Cheshire Disability, which it is believed may be non-remunerative.
Mr Hain, or as he should now be addressed, Lord Gain (editor's note - surely that's a typo?) of Neath, is also amassing directorships and other sources of income since deciding to jump ship in the Neath constituency. As readers of the Ferret know, Peter Hain has many sources of income. They are so varied and numerous that they cannot be dealt with here so this article deals solely with the directorships.
He has been a non-executive director for the AIM listed company, Amara Mining Ltd, since 6 March 2013. Amara Mining hold gold mining interests in West Africa. Here, for approximately 12 days of work a year, he picks up 62,000 American dollars. This is considerably more than was declared on the MPs' Register of Financial Interests when he joined Amara. Then, in 2013, he declared the following:
Directorships
Non-executive director of Amara Mining PLC, 29-30 Cornhill, London EC3V 3NF; gold producer with portfolio of assets in West Africa.
I receive £31,500 with effect from 6 March 2013.
(Registered 19 March 2013; updated 10 July 2013)
This figure of £31,500 may reflect only a partial calendar year's work: March - December. If so, I find the entry misleading. If someone asked me what I was being paid by my employer and I had to declare it, I would proffer what I get per year - never for a partial year's work. $62,000 now equates to about £40,700 - a fantastic return for 12 days work.
(Curiously if you Google the word Amara you will find an entirely unrelated business, Amara.com, that is an online source for luxury homeware. There's undoubtedly gold in that there name!)
Company reports for Amara Mining for calendar year 2013 show Hain was paid $50,000 in 2013 and for 2014 he got $62,000 which is presumably the full annual rate.
The Office for National Statistics' annual hours and earnings survey showed the median salary for full-time employees rose 1.6 per cent to £27,600 in April. That's working presumably five days a week at least, for twelve months a year. Hain gets about half as much again for a paltry 12 days' "work", and that's only one directorship. For there are more!
By the time the last Parliament was prorogued, in March 2015, there was another one added, plus some subtle changes to the Amara one, though not to the quantum he is paid.
Directorships
Non-executive director of Amara Mining PLC, 29-30 Cornhill, London EC3V 3NF; gold producer with portfolio of assets in West Africa.
I receive £31,500 with effect from 6 March 2013 and expenses for any associated travel and accommodation costs. Expected annual time
commitment of 12 days.
(Registered 19 March 2013; updated 10 July 2013)
Advisory Board Member of Developing Market Associates Ltd, 1 Tooley Street, London SE1 2TU; a social enterprise promoting investment and development, especially in Africa with agencies including the World Bank. I receive £20,000 annually with effect from 3 June 2014.
Expected annual time commitment of 12 days.
(Registered 23 June 2014)
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But the story doesn't end there because I was intrigued to discover that since leaving the House of Commons life is getting even sweeter for this Lord, and he has been signed up as a non-executive director by yet another AIM listed company, again with its interests in Africa. The company is called African Potash Ltd. He will take up his post with effect from 1 December 2015.
http://www.africanpotash.com/News.aspx?ArticleId=23498249
Another director just appointed to African Potash is former Tory MP and Minister, Mark Simmonds. Now not many people will remember Mr Simmonds for anything spectacular during his time in Parliament. But I bet you'll recall the press story of the Minister who decided not to run in the 2015 General Election because he found it impossible to live on a Minister's salary of £89,435 per annum. Yes - it is he! And he also employed his wife Lizbeth, using public money, on a salary of about £25,000, yet still couldn't make ends meet.
(What an extraordinary coincidence as the wives of both men are Elizabeth/Lizbeth, both men worked in a senior capacity in the Foreign Office. Mark Simmonds sold a taxpayer funded house in Putney making a profit of more than £500,000. I understand Peter Hain used to own a flat in Putney too which has long been sold. You could actually write a book on the story of Mark Simmonds, his MP's expenses and business interests. Maybe someone will!)
http://www.theguardian.com/politics/2014/aug/11/tory-foreign-office-minister-quits-intolerable-expenses-rules
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I assume that these directorships both ex-MPs have just taken up will be well paid. The going-rate for a couple of weeks' work seems to be at least £20,000, up to perhaps £40,000. I'll wait to see the end of year report for African Potash with interest.
I think I know all I want to about African Potash just by reading its website, wherein the section dealing with company strategy says,"African Potash is focused on creating a vertically integrated platform for the mining, production and distribution of fertiliser, which the Board believes could generate material value for shareholders" (my underlining).
I'm not that tuned in to agriculture and the intricacies of food production but I somehow doubt that inorganic fertiliser is a sustainable answer to Africa's food production problems. But not to worry - it looks as though the real ethos of the company is to make money for investors. Isn't that what all the stock market listed companies are about? Keeping the shareholders happy.
The company does not yet have a potash mine in production but I see its interests lie in the Republic of Congo. The Congo is the part of Africa that featured in Joseph Conrad's excellent novel, "Heart of Darkness". The very famous last words of the ivory trader, Kurtz were, "the horror, the horror". That's just how I'm feeling right now, actually, thinking of how both these ex-MPs are cashing in.
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Commenting on his appointment, Peter Hain said "I am excited by African Potash's potential ........... to promote the African fertiliser industry and thereby improve food production, reduce child immortality and poverty."
Surely he meant "child mortality" unless he knows something about Africans that I don't! How did that one get past the erudite Lord? That is a really embarrassing mistake to appear in this fledgling company's announcement of Hain coming on board.
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Maybe one day Lord Gain of Neath (editor's note - Stan, PLEASE USE THE SPELLCHECK, FFS!) will up sticks and retreat permanently to the Dark Continent that is his hinterland, where if that theory I set out in the first paragraph is true, he will be as happy as the proverbial pig in sh*t.
