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Farmer Resolutions Passed at Beef + Lamb NZ

Farmer Resolutions Passed at Beef + Lamb New Zealand Annual Meeting

28 March, 2018

Farmers voted to raise Director fees and retain the services of KPMG as auditor at Beef + Lamb New Zealand’s Annual Meeting last week.

Resolution one – to increase the total amount paid in Directors fees by $5000 from $331,400 to $336,400 per annum for the 2017-18 financial year – was passed by 64.68 per cent. This would see individual Directors fees increase by $650 per annum, taking their annual fee to $33,350. No increase was proposed for the Chairman.

This increase has been recommended by a Directors Independent Remuneration Committee of David Nelson (Chair) Derrick Milton and Br uce Wills. This Committee’s role is to provide an annual review and where appropriate, recommend changes to Directors’ remuneration to ensure it is at an appropriate level and objectively and independently assessed.

Resolution two, that KMPG be re-appointed as B+LNZ’s auditor for the year ending 30 September, passed by 93.21 per cent.

The B+LNZ Board recommended that KPMG continue in the role of auditor as this allows the company top build a deeper understanding of B+LNZ and its operations.

The Board benchmarks audit fees against similar organisations and believes the fees charged continue to provide value. The audit fee reduced slightly in the 2017 financial year.

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