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Members Applaud Decision Not To Increase Fees

Members Applaud Directors’ Decision Not To Increase Fees

Southern Cross Medical Care Society held their 2008 Annual General Meeting yesterday.

At the outset of the meeting, a proposed resolution to increase the total pool of directors’ fees by $69,000 to $430,000 was withdrawn from the items of business. The proposed increase, which was the first in 11 years, included provision for an additional director and was recommended by an independent assessor.

However, Chairman Jeff Todd said since the Board had decided to seek an increase several months ago, the financial situation in New Zealand and globally had significantly deteriorated and this was taken into account in the decision to withdraw the resolution. The withdrawal

received a round of applause from the 300 members attending the meeting. Members of the Southern Cross Medical Care Society yesterday returned David May and Phillip Meyer as Directors of the Southern Cross Medical Care Society. They also elected Graeme Hawkins and Mark Verbiest as Directors, both of whom were appointed on 1 October 2008.

Mr May was also re-elected as a Trustee of the Medical Care Society.

The meeting also adopted the Society’s annual report, annual accounts and balance sheet for the year ended June 30, 2008 and reappointed KPMG as the Society’s external auditors.

ENDS

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