Wednesday 8th June 2016 |
Text too small? |
Z Energy's seven-strong board wants to bump up the pool for directors' fees 11 percent to $1 million for what's a much larger company since taking over the assets of Chevron New Zealand.
On July 1, the Wellington-based company's shareholders will vote on whether to raise the fee pool $100,000 to $1 million for non-executive directors, the first such increase since the service station chain listed in 2013. Z said the increase would also cover succession periods where the board expanded to eight directors.
"Following the successful acquisition of Chevron New Zealand, the board is now responsible for the governance of a significantly expanded company," Z said in its notice of annual meeting. " On the basis of Z’s performance and the increase in scale and complexity of the company, the board believes it is timely and appropriate to seek shareholder approval for a $100,000 increase to the total remuneration pool available for Z’s non-executive directors."
Earlier this month the New Zealand Superannuation Fund sold the bulk of its stake in Z, leaving it with 1.5 percent of the fuels retailer. The Super Fund teamed up with Infratil in 2010 to buy the local downstream assets of Royal Dutch Shell for just under $700 million before rebranding and floating it as Z three years later, raising $840 million when they sold a 60 percent stake.
The shares were sold at $3.50 apiece in the IPO and have more than doubled to $8.32, in part due to the $785 million Chevron acquisition. The shares were down 1 percent today and have gained 24 percent so far this year.
At next month's meeting in Wellington, shareholders will also vote on re-electing directors Abby Foote and Justine Munro, and ratify the recent board appointments of Mark Cross and Julia Raue.
BusinessDesk.co.nz
No comments yet
Contact secures gas supply
MCK - MARKET UPDATE ON RESPONSE TO CDLHHNZ TAKEOVER NOTICE
January 22nd Morning Report
ATM - 1H25 Results Announcement Date and Webcast Notification
MCK RECEIVES TAKEOVER OFFER FROM CDLHHNZ
PHL - Senior Manager Change
Steel & Tube 1H25 Interim Results to be announced on 24 Feb
January 20th Morning Report
KPG - Changes to the Kiwi Property Board
IKE - Timing of Quarterly Performance Update and Conference Call