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

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news