Following the attempt of the directors of the energy company Contact to have their fees doubled in these hard financial times, FundSource has displayed the same extraordinary insensitivity by naming ING 2008 Fund Manager of the Year, despite the company’s funding difficulties.

Contact raised power charges by 10% at the beginning of the month, and then included the doubling of directors’ fees to $NZ1.5 million in the agenda for the AGM.

Wednesday’s shareholders’ meeting was acrimonious, with minority holders accusing the board of having their “snouts in the trough.” However, approval was never in doubt, as the majority holder, Australia’s Origin Energy, had already indicated its support.

Following a flood of calls to competing energy companies from Contact customers who wanted to change their supplier, Contact’s directors buckled under, and canned the plan at the last minute.

ING New Zealand froze two of its 18 funds in March.