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

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news