Saturday, March 30, 2024

NZMB director fees to remain unchanged

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The New Zealand Meat Board will not increase its director fees.
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The decision was made at Friday’s annual meeting.

NZMB chair Andrew Morrison says the decision was one of two resolutions outlined in materials mailed to all farmers, with voting open to anyone regardless of whether they attended the meeting.

This was the first time this approach was used and the meeting was also held online for the first time.

“Using these new approaches is part of the board’s commitment to increase our engagement with farmers, raise the profile of the NZMB’s role and provide greater transparency to farmers,” Morrison said.

The voting resolution results show 51.57% of voters were against an increase in the director fees pool for producer and industry directors from $144,200 to $180,000 per annum.

The second resolution, relating to the appointment of an auditor, saw 90.60% of voters agreeing that KPMG should be appointed for the year ending September 30, 2021.

“We stand by our decision to include the director fee resolution following the thorough review of NZMB’s director fees undertaken in 2020, which was independently reviewed by Mitchell Notley & Associates Ltd.

“The final decision was always in the hands of voters and the no vote shows we need to do more work to convey the increasing complexity of the NZMB’s role and the environment it operates in, and how this relates to director remuneration,” he said.

“The first steps in increasing farmer engagement with the board have been successful, however. We received over 1700 votes and we look forward to building on this strong base in future.”

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