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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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