Many ADRS sponsored by Bank of New York (BK) now have an annual fee (effective in 2010) for the RIGHT to own these securities. Does ayone know if NZT (which is also a BK sponsored ADR) is in this category?
For some reason, NZT gets charged an astronomically higher ADR fee by Bank of NY than any of my other foreign ADR holdings. Don't know if it is because other companies subsidize the ADR costs, or if NZT management are just poor negotiators. I will note that the current outrageous fees are quite a bit LOWER than they used to be (I complained to NZT and Bank of NY previously when the ADR fees first started getting broken out separately from the dividend payouts, and they ultimately reduced the fees), but they are still way too high. Bank of NY is ripping off holder of NZT ADRs, and NZT management is letting them get away with it.