Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

DNZ board seeks 27% boost to directors’ fee pool

DNZ board seeks 27% boost to directors’ fee pool after overseeing share price surge

By Paul McBeth

June 25 (BusinessDesk) - DNZ Property Fund, which is raising $80 million to help fund two new acquisitions, will ask shareholders to boost the directors’ fee pool by 27 percent, with the board having presided over a surging share price since the diversified property investor listed in 2010.

The Auckland-based property investor wants shareholders to raise the pool to $375,000 for the 2014 and 2015 March years, from the current $295,000 which has been in place since 2010, according to the notice annual meeting.

The proposal comes after DNZ hired dsd Consulting Ltd in April to review director remuneration. It recommended increasing non-executive directors’ fees by $10,000 to $75,000 and the chairman’s fee $30,000 to $130,000. The portion of the increased pool not paid to directors will be available for special remuneration, it said.

“It is important for DNZ to attract and retain high performing people whose skills and attributes are well-matched to the company’s requirements and for DNZ to remunerate them appropriately,” it said. “To this end, the board has adopted a policy of reviewing director remuneration every two years.”

The shares rose 0.3 percent to $1.645 today, having gained 3.5 percent this year. Since joining the stock exchange in 2010, DNZ’s share price has surged 66 percent, and it has paid out total dividends of 23.5 cents per share. The gross dividend yield is currently 6.96 percent.

The stock is rated an average ‘hold’ based on five analyst recommendations compiled by Reuters, with a median target price of $1.75.

DNZ’s board is made up of chairman Tim Storey, former PwC partner John Harvey, KordaMentha’s Michael Stiassny, New Zealand Funds Management principal David van Schaardenburg and executive director Paul Duffy.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: