DOCSLIB.ORG

Infratil Limited

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Infratil Limited Infratil Limited Non-executive directors’ fees benchmarking Summary 25 July 2019 5808451_1 Reward Service provider - independence declaration PwC’s Reward Services team has been engaged by the Board of Directors (Board) of Infratil Limited (Infratil) to provide independent remuneration benchmarking services in relation to Non-Executive Directors’ fees at Infratil (the Services). As lead engagement Partner for the provision of the Services to the Board, I declare that no influence has been brought to bear upon me or, to the best of my knowledge and belief, any member of the PwC Reward Services team, by any Board member, employee or executive of Infratil or any other party regarding the services or outcomes of the Services. In my professional opinion all members of the PwC engagement team are therefore independent for the purposes of the Services as outlined in the commentary to Recommendation 5.2 of the NZX Corporate Governance Code 2017. Dated: 25 July 2019 Chris Place Partner PricewaterhouseCoopers 5808451_1 Summary – Infratil directors’ fees market analysis Non executive Directors’ (NEDs’) fee market data has been provided by PwC for Infratil from two comparator groups of NZX-listed companies. Details of the peer groups are provided in Appendix 1. These two New Zealand comparator groups were agreed with the Infratil Board, so as to provide two separate New Zealand data points for comparative purposes: Comparator Group 1, underpinned by comparable market capitalisation, is comprised of 14 NZX- listed companies, seven smaller and seven larger than Infratil by relative market capitalisation. The basis for the development of this comparator group was companies in a circa 50% - 200% range of Infratil’s current market capitalisation of $2.9 billion. Comparator Group 2, underpinned by comparable total asset value (assuming completion of the Vodafone transaction). This group (which has some crossover with Comparator Group 1) is comprised of 10 NZX-listed companies, in a circa 50% - 200% range of Infratil’s assumed total asset value of $7.6 billion following completion of the Vodafone acquisition (as instructed by Infratil management). This is comprised of six smaller and four larger companies by comparable total asset value. As a third reference point, directors’ fees data for two ASX-listed companies (NEXTDC Ltd and Spark Infrastructure Group) has also been itemised separately (the ASX Comparators) due to the Board’s view of these companies’ direct comparability to Infratil. The data for these two companies has not been aggregated. The tables in this summary report summarise the Directors’ fees for the two New Zealand comparator groups, and compare Infratil fees to the median and the 75th percentile of each. Where the Board chooses to position its fees against this market data will however depend on the Board’s view of the overall relevance of the comparator groups, and specifically Infratil’s perceived relative complexity of operations, relative scale, ranking (by scale) and risk profile as compared with those of the comparator companies. Infratil relativity to Comparator Group 1 Comparator Comparative Comparator Comparative Infratil Group 1 ratio to the Role/Observation Group 1 ratio to the current 75th 75th median median percentile percentile Base fees Chairman 210,000 220,300 95% 273,800 77% Non-Executive Directors 102,500 104,300 98% 124,900 82% Committee fees Audit & Risk Comm. 20,000 21,300 94% 35,500 56% Chair Audit & Risk Comm. 10,000 15,000 67% 18,300 55% Member Nom. & Rem. Comm. Nil 20,000 24,500 Chair Nom. & Rem. Comm. Nil 10,900 13,700 Member NED fee pool 819,9691 1,100,000 74% 1,260,000 65% 1 The directors’ fee pool approved at the 2018 Infratil AGM was $999,969. Of this, $819,969 was allocated to the Infratil Board for a Board of six directors, and $180,000 was allocated to subsidiary director fees. On the appointment of an additional director in March 2019 and assuming seven directors, the approved pool is, we understand, effectively increased to $1,034,573 under NZX Listing Rule 2.11.3. 5808451_1 Infratil relativity to Comparator Group 2 Comparator Comparative Comparator Comparative Infratil Group 2 ratio to the Role/Observation Group 2 ratio to the current 75th 75th median median percentile percentile Base fees Chairman 210,000 239,800 88% 273,800 77% Non-Executive 102,500 112,000 92% 131,500 78% Directors Committee fees Audit & Risk Comm. 20,000 37,000 54% 40,000 50% Chair Audit & Risk Comm. 10,000 18,800 53% 20,600 49% Member Nom. & Rem. Comm. Nil 24,000 27,400 Chair Nom. & Rem. Comm. Nil 12,300 13,700 Member NED fee pool 819,9692 1,149,500 71% 1,566,700 52% ASX Comparators Data (in AUD) from the two ASX comparators is summarised below as a third reference point. Company NEXTDC Ltd Spark Infrastructure Group Total assets ($m) $1,236 $3,212 Market capitalisation ($b) $2.24 $4.11 Board Chair $275,000 $303,000 NED $135,000 $130,000 Audit & Risk Committee Chair $30,000 $39,800 Audit & Risk Comm. Member $13,000 $19,900 Rem. & Nom. Committee Chair $25,000 $34,200 Rem. & Nom. Comm. Member $13,000 $17,100 Total fee pool $1,250,000 $2,000,000 Market capitalisation data sourced from ASX, and other information from published annual reports. 2 See footnote 1. 5808451_1 Appendix 1 – Comparator Group Composition Comparator Group 1 – underpinned by market capitalisation Market Company total Company total Capitalisation as Organisation name revenue gross assets at 18 June ($ millions) ($ millions) ($ millions) Ryman Healthcare Limited (NZSE:RYM) 5775 382 6651 Contact Energy Limited (NZSE:CEN) 5383 2283 5311 Fletcher Building Limited (NZSE:FBU) 4574 9471 8532 Mainfreight Limited (NZSE:MFT) 3988 2824 1376 EBOS Group Limited (NZSE:EBO) 3800 7506 3263 Vector Limited (NZSE:VCT) 3710 1341 5808 Air New Zealand Limited (NZSE:AIR) 2987 5680 7846 SKYCITY Entertainment Group Limited (NZSE:SKC) 2548 997 2545 Chorus Limited (NZSE:CNU) 2537 980 4926 Goodman Property Trust (NZSE:GMT) 2436 127 2721 Z Energy Limited (NZSE:ZEL) 2432 5450 2847 Kiwi Property Group Limited (NZSE:KPG) 2250 245 3086 Precinct Properties New Zealand Limited (NZSE:PCT) 2213 130 2562 Trustpower Limited (NZSE:TPW) 2197 861 2214 Infratil Limited (NZSE:IFT) 2941 1787 7621 Note: Infratil’s asset value includes an assumed additional $1b of assets reflecting the balance sheet impact of completion of the Vodafone transaction as advised by Infratil management. Market capitalisation information sourced from NZX and other metrics from latest published annual reports. 5808451_1 Appendix 1 – Comparator Group Composition (cont) Comparator Group 2 – underpinned by total assets Market Company total Company total Capitalisation as Organisation name revenue gross assets at 18 June ($ millions) ($ millions) ($ millions) Meridian Energy Limited (NZSE:MEL) 12071 2762 8632 Fletcher Building Limited (NZSE:FBU) 4574 9471 8532 Auckland International Airport Limited (NZSE:AIA) 11120 684 8197 Air New Zealand Limited (NZSE:AIR) 3015 5485 7846 Ryman Healthcare Limited (NZSE:RYM) 5775 382 6651 Mercury NZ Limited (NZSE:MCY) 5654 1803 6091 Vector Limited (NZSE:VCT) 3730 1328 5808 Contact Energy Limited (NZSE:CEN) 5383 2283 5311 Chorus Limited (NZSE:CNU) 2576 990 4926 Spark New Zealand Limited (NZSE:SPK) 7244 3649 3419 Infratil Limited (NZSE:IFT) 2941 1787 7621 Note: Infratil’s asset value includes an assumed additional $1b of assets reflecting the balance sheet impact of completion of the Vodafone transaction as advised by Infratil management. Market capitalisation information sourced from NZX and other metrics from latest published annual reports. 5808451_1 .
Load more

Recommended publications
  • Market Overview Funds at a Glance
    As of 31 July 2020 Market overview Global markets were mixed in July, with the US S&P500 (+5.6%) and the MSCI For more information on our Funds, World index (+4.8%) finishing positive. The UK (-4.2%) and Japan (-2.6%) were please contact: lower, while Australia was marginally up (+0.5%) and NZ was up (+2.4%). Global bonds were strong (yields lower), and NZ bonds followed suit to lesser degree; David Boyle while Gold was very strong in July. Head of Sales & Marketing Level 25, SAP Tower The main underperformer in the month was the US dollar. With global central 151 Queen Street, Auckland banks (especially the US Federal Reserve) firmly committed to doing whatever it New Zealand takes and the pandemic getting worse rather than better, real interest rates fell (along with nominal bond yields). As a result, reflation assets like gold, P 0800 646 833 commodities and some equities stood up, as did corporate bonds. The out- E [email protected] performance of US equities (vs the world) was primarily due to that market’s heavy www.mintasset.co.nz weighting toward a few tech / growth stocks. Markets without those kind of stocks didn’t keep up. Australia was generally positive through the month (helped by its big weight to Resources stocks), but fell back in the last few days as the outbreak in Victoria worsened. Here in New Zealand, the market was generally strong with the renewed offer for Metlifecare sparking the retirement village sector, and the gentailers staying fairly resilient in the face of the announcement buy Rio Tinto that they may close the Tiwai smelter in August 2021.
    [Show full text]
  • Market Overview Funds at a Glance
    As of 31 August 2020 Market overview Global markets were positive again in August on vaccine hope and a very strong For more information on our Funds, tech sector. The US S&P500 was up 7.2% and the MSCI World index up 6.3%. All please contact: share markets were positive, including Australia up 2.8% and NZ up 1.8%. Global bonds were weak (yields rose), with the US 10-year up 0.17% to 0.70% and the David Boyle Australian 10-year up the same to 0.98%. NZ bonds bucked the offshore moves Head of Sales & Marketing and our 10-year bond fell 0.14% to 0.61%. Level 25, SAP Tower 151 Queen Street, Auckland It was reporting season in NZ and Australia in August. NZ was generally better than New Zealand expectations, or at least not as bad as it might have been. Revenue and earnings were slightly ahead of expectations in aggregate; however, dividends disappointed P 0800 646 833 a bit as boards took an understandably conservative approach to distributions. E [email protected] Only one third of companies gave guidance for the period ahead reflecting the www.mintasset.co.nz prevailing highly uncertain operating environment. EPS for companies reporting in Australia fell 20% for the year ending June, an outcome on a par with the GFC. However, this too was slightly better than expectations, with resilience in Consumer Staples, Building Materials and Discretionary Retail. The key upside factor this reporting season was better than expected cash flows, reflecting a fall in inventories and some delay in capex.
    [Show full text]
  • Ryman Healthcare Annual Report 2016 1 Chairman’S Report
    ANNUAL REPORT 2016 CONTENTS Highlights 1 Chairman’s Report 2-7 Managing Director’s Report 8-13 Directors’ Profi les 14-15 Management Profi les 16 Five Year Summary 17 Financial Statements 18-49 Auditor’s Report 50 Corporate Governance 51-53 Directors’ Disclosures 54-55 Shareholder Information 56 Directory 57 Cover caption: Evelyn Page Kindness Award winner Daisy Wang celebrating with her colleagues. Resident Sally Burrage with nurse Adesa Cimafranca 2016 HIGHLIGHTS 2016 Highlights Big year for innovation Underlying profi t up 16% to $158m Reported profi t up 26% to $305m Full year dividend 15.8 cents per Greenlane share Tropicana River Road Record build, four new villages opening Whanganui Rangiora Victoria Burwood East Brandon Park Proposed villages/sites under development RYMAN HEALTHCARE ANNUAL REPORT 2016 1 CHAIRMAN’S REPORT Better, bigger and brighter Ryman Ryman’s focus remains on achieving I am pleased to report on another what we refer to as the holy trinity of solid year for Ryman Healthcare. happy residents (and families), happy It has been a year of world-leading staff and happy shareholders. innovation in which we set the scene for a better, bigger and brighter Shareholders’ dividends lift 16% Ryman. Ryman shareholders received a fi nal dividend of 8.5 cents per share paid Improvements in the care we give on June 24, with the record date for our residents and the improvements entitlements being June 10. made to the resident and staff Dr David Kerr experience were key achievements in Dividends for the full year have grown the year. 16% in line with the lift in underlying It was also pleasing to see the introduction of a profi t.
    [Show full text]
  • Nikko Am Sri Equity Strategy
    Factsheet 30 November 2020 NIKKO AM SRI EQUITY STRATEGY Applies to: Nikko AM Wholesale SRI Equity Fund Market Overview Portfolio Manager ‐ Equity markets globally were strong as news that COVID-19 vaccine Michael De Cesare, trials were showing high efficacy rates. Portfolio Manager ‐ The MSCI World index ended the month up 12.4%. Responsible for the SRI Equity Fund. ‐ The United States S&P 500 index rose 10.8%, the Japanese Nikkei Covers the Consumer Discretionary 225 index gained 15.0%, the UK FTSE 100 index increased 12.4%. and Consumer Staples sectors. Over ‐ Locally, the S&P/NZX 50 index performed well but was not able to nine years of experience in the finance match the strength of most global markets and ended the month industry including ANZ Institutional Bank and Fortis up 5.7%. While the Australian ASX 200 index added 10.2%. Investments. Michael holds a First Class Honours degree Fund Highlights in Industrial Economics from the University of Nottingham Business School, United Kingdom. Joined in 2012. ‐ The fund produced a strong positive 5.2% absolute return for the month, but lagged the benchmark slightly. Overview ‐ An overweight position in Mainfreight, and nil holdings in The SRI Equity Strategy seeks growth opportunities by Goodman Property and Kiwi Property Group added value. investing in New Zealand and Australian equity markets. ‐ An underweight position in Fletcher Building, and overweight Our local equity portfolio management team hand pick positions in Pushpay Holdings and NextDC detracted value. stocks that they believe have potential for growth of ‐ News flow was high during the month with a number of portfolio income and capital.
    [Show full text]
  • Factset-Top Ten-0521.Xlsm
    Pax International Sustainable Economy Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight ASML Holding NV 34,391,879.94 4.3 Roche Holding Ltd 28,162,840.25 3.5 Novo Nordisk A/S Class B 17,719,993.74 2.2 SAP SE 17,154,858.23 2.1 AstraZeneca PLC 15,759,939.73 2.0 Unilever PLC 13,234,315.16 1.7 Commonwealth Bank of Australia 13,046,820.57 1.6 L'Oreal SA 10,415,009.32 1.3 Schneider Electric SE 10,269,506.68 1.3 GlaxoSmithKline plc 9,942,271.59 1.2 Allianz SE 9,890,811.85 1.2 Hong Kong Exchanges & Clearing Ltd. 9,477,680.83 1.2 Lonza Group AG 9,369,993.95 1.2 RELX PLC 9,269,729.12 1.2 BNP Paribas SA Class A 8,824,299.39 1.1 Takeda Pharmaceutical Co. Ltd. 8,557,780.88 1.1 Air Liquide SA 8,445,618.28 1.1 KDDI Corporation 7,560,223.63 0.9 Recruit Holdings Co., Ltd. 7,424,282.72 0.9 HOYA CORPORATION 7,295,471.27 0.9 ABB Ltd. 7,293,350.84 0.9 BASF SE 7,257,816.71 0.9 Tokyo Electron Ltd. 7,049,583.59 0.9 Munich Reinsurance Company 7,019,776.96 0.9 ASSA ABLOY AB Class B 6,982,707.69 0.9 Vestas Wind Systems A/S 6,965,518.08 0.9 Merck KGaA 6,868,081.50 0.9 Iberdrola SA 6,581,084.07 0.8 Compagnie Generale des Etablissements Michelin SCA 6,555,056.14 0.8 Straumann Holding AG 6,480,282.66 0.8 Atlas Copco AB Class B 6,194,910.19 0.8 Deutsche Boerse AG 6,186,305.10 0.8 UPM-Kymmene Oyj 5,956,283.07 0.7 Deutsche Post AG 5,851,177.11 0.7 Enel SpA 5,808,234.13 0.7 AXA SA 5,790,969.55 0.7 Nintendo Co., Ltd.
    [Show full text]
  • Stoxx® Pacific Total Market Index
    STOXX® PACIFIC TOTAL MARKET INDEX Components1 Company Supersector Country Weight (%) CSL Ltd. Health Care AU 7.79 Commonwealth Bank of Australia Banks AU 7.24 BHP GROUP LTD. Basic Resources AU 6.14 Westpac Banking Corp. Banks AU 3.91 National Australia Bank Ltd. Banks AU 3.28 Australia & New Zealand Bankin Banks AU 3.17 Wesfarmers Ltd. Retail AU 2.91 WOOLWORTHS GROUP Retail AU 2.75 Macquarie Group Ltd. Financial Services AU 2.57 Transurban Group Industrial Goods & Services AU 2.47 Telstra Corp. Ltd. Telecommunications AU 2.26 Rio Tinto Ltd. Basic Resources AU 2.13 Goodman Group Real Estate AU 1.51 Fortescue Metals Group Ltd. Basic Resources AU 1.39 Newcrest Mining Ltd. Basic Resources AU 1.37 Woodside Petroleum Ltd. Oil & Gas AU 1.23 Coles Group Retail AU 1.19 Aristocrat Leisure Ltd. Travel & Leisure AU 1.02 Brambles Ltd. Industrial Goods & Services AU 1.01 ASX Ltd. Financial Services AU 0.99 FISHER & PAYKEL HLTHCR. Health Care NZ 0.92 AMCOR Industrial Goods & Services AU 0.91 A2 MILK Food & Beverage NZ 0.84 Insurance Australia Group Ltd. Insurance AU 0.82 Sonic Healthcare Ltd. Health Care AU 0.82 SYDNEY AIRPORT Industrial Goods & Services AU 0.81 AFTERPAY Financial Services AU 0.78 SUNCORP GROUP LTD. Insurance AU 0.71 QBE Insurance Group Ltd. Insurance AU 0.70 SCENTRE GROUP Real Estate AU 0.69 AUSTRALIAN PIPELINE Oil & Gas AU 0.68 Cochlear Ltd. Health Care AU 0.67 AGL Energy Ltd. Utilities AU 0.66 DEXUS Real Estate AU 0.66 Origin Energy Ltd.
    [Show full text]
  • The Climate Risk of New Zealand Equities
    The Climate Risk of New Zealand Equities Hamish Kennett Ivan Diaz-Rainey Pallab Biswas Introduction/Overview ØExamine the Climate Risk exposure of New Zealand Equities, specifically NZX50 companies ØMeasuring company Transition Risk through collating firm emission data ØCompany Survey and Emission Descriptives ØPredicting Emission Disclosure ØHypothetical Carbon Liabilities 2 Measuring Transition Risk ØTransition Risk through collating firm emissions ØAimed to collate emissions for all the constituents of the NZX50. ØUnique as our dataset consists of Scope 1, Scope 2, and Scope 3 emissions, ESG scores and Emission Intensities for each firm. ØCarbon Disclosure Project (CDP) reports, Thomson Reuters Asset4, Annual reports, Sustainability reports and Certified Emissions Measurement and Reduction Scheme (CEMAR) reports. Ø86% of the market capitilisation of the NZX50. 9 ØScope 1: Classified as direct GHG emissions from sources that are owned or controlled by the company. ØScope 2: Classified as indirect emissions occurring from the generation of purchased electricity. ØScope 3: Classified as other indirect GHG emissions occurring from the activities of the company, but not from sources owned or controlled by the company. (-./01 23-./014) Ø Emission Intensity = 6789 :1;1<=1 4 Company Survey Responses Did not Email No Response to Email Responded to Email Response Company Company Company Air New Zealand Ltd. The a2 Milk Company Ltd. Arvida Group Ltd. Do not report ANZ Group Ltd. EBOS Ltd. Heartland Group Holdings Ltd. Do not report Argosy Property Ltd. Goodman Property Ltd. Metro Performance Glass Ltd. Do not report Chorus Ltd. Infratil Ltd. Pushpay Holdings Ltd. Do not report Contact Energy Ltd. Investore Property Ltd.
    [Show full text]
  • FNZ Basket 14102010
    14-Oct-10 smartFONZ Basket Composition Composition of a basket of securities and cash equivalent to 200,000 NZX 50 Portfolio Index Fund units effective from 14 October 2010 The new basket composition applies to applications and withdrawals. Cash Portion: $ 1,902.98 Code Security description Shares ABA Abano Healthcare Group Limited 88 AIA Auckland International Airport Limited Ordinary Shares 6,725 AIR Air New Zealand Limited (NS) Ordinary Shares 2,784 AMP AMP Limited Ordinary Shares 432 ANZ Australia and New Zealand Banking Group Limited Ord Shares 212 APN APN News & Media Limited Ordinary Shares 1,759 APT AMP NZ Office Trust Ordinary Units 8,453 ARG Argosy Property Trust Ordinary Units 4,344 CAV Cavalier Corporation Limited Ordinary Shares 482 CEN Contact Energy Limited Ordinary Shares 1,508 EBO Ebos Group Limited Ordinary Shares 537 FBU Fletcher Building Limited Ordinary Shares 1,671 FPA Fisher & Paykel Appliances Holdings Limited Ordinary Shares 6,128 FPH Fisher & Paykel Healthcare Corporation Limited Ord Shares 3,106 FRE Freightways Limited Ordinary Shares 1,625 GFF Goodman Fielder Limited Ordinary Shares 3,990 GMT Macquarie Goodman Property Trust Ordinary Units 8,004 GPG Guinness Peat Group Plc Ordinary Shares 15,588 HLG Hallenstein Glasson Holdings Limited Ordinary Shares 430 IFT Infratil Limited Ordinary Shares 6,363 KIP Kiwi Income Property Trust Ordinary Units 10,287 KMD Kathmandu Holdings Limited Ordinary Shares 690 MFT Mainfreight Limited Ordinary Shares 853 MHI Michael Hill International Limited Ordinary Shares 1,433 NPX
    [Show full text]
  • FULL PORTFOLIO HOLDINGS 1 Offer Name SUPERLIFE INVEST Offer Number OFR10976 Fund Name NZ BONDS FUND Fund
    DISCLOSE REGISTER - FULL PORTFOLIO HOLDINGS 1 Offer name SUPERLIFE INVEST Offer number OFR10976 Fund name NZ BONDS FUND Fund number FND2405 Period disclosure applies [dd/mm/yyyy] 31/03/2020 Asset name % of fund net assets Security code New Zealand Government 20/09/25 2.0% IB 7.81% NZIIBDT002C2 New Zealand Local Government Funding Agency 14/04/33 3.50% GB 6.85% NZLGFDT009C0 Insurance Australia Group Ltd 15/06/43 5.15% CB 3.17% NZIAGDT003C3 Bank of New Zealand 15/06/23 4.102% CB 2.98% NZBNZDT387C9 ASB Bank Ltd 07/09/23 3.31% CB 2.70% NZABBDT042C3 TR Group Ltd 07/03/24 4.533% CB 2.53% NZTRGD0324L9 Chorus Ltd 06/12/23 4.35% CB 2.43% NZCNUDT003C6 Fonterra Cooperative Group Ltd 19/06/25 5.08% CB 2.41% NZFCGDT310C3 ANZ Bank New Zealand Ltd 20/03/24 3.03% CB 2.38% NZANBDT023C9 Genesis Energy Ltd 03/04/25 5.00% CB 2.35% NZGNEDT007C3 Fonterra Cooperative Group Ltd 25/02/22 5.90% CB 2.34% NZFCGDT266C7 Vector Ltd 14/03/24 4.996% CB 2.27% NZVCTDT009C6 Powerco Ltd 28/09/22 4.76% CB 2.10% NZPWCDT007C3 China Construction Bank NZ Ltd 09/11/22 3.932% CB 2.05% NZCCBDT010C7 Westpac New Zealand Ltd 29/07/24 2.22% CB 1.90% NZWNZD0724L3 New Zealand Government 15/05/21 6.0% GB 1.84% NZGOVD0521C2 Powerco Ltd 15/11/24 4.67% CB 1.73% NZPWCDT009C9 Bank of China NZ Ltd 17/10/22 4.09% CB 1.70% NZBOCDT001C2 Industrial and Commercial Bank of China New Zealand 27/06/24 2.61 1.55% NZICBDT009C3 ANZ Bank New Zealand Ltd 30/05/23 3.70% CB 1.53% NZANBDT022C1 ASB Bank Ltd 19/08/24 1.83% CB 1.51% NZABBDG004C8 Vector Ltd 27/05/25 3.45% CB 1.50% NZVCTDT090C6 Kiwibank Ltd 20/09/24
    [Show full text]
  • Notice of Annual Meeting
    Notice of Annual Meeting Notice is hereby given that the annual meeting of Kiwi Property Group Limited shareholders will be held at 10.30am on Monday, 12 July 2021. This will be a hybrid event, enabling attendees to join in person or online. In person Agenda The Annual Meeting will be held at: Eden Park (Enter via Gate G) World Cup Lounge West, Level 4, South Stand, Addresses Reimers Ave, Kingsland, Auckland. Our Chair, Mark Ford, and our Chief Executive Officer, Online Clive Mackenzie, will provide an overview of the company’s Shareholders can participate in the Annual Meeting virtually using performance for the year ended 31 March 2021. There will also an online platform provided by our share registrar, Link Market be an opportunity for shareholders to ask questions. Services at: https://www.virtualmeeting.co.nz/KPG21 Resolutions Shareholders attending the Annual Meeting virtually will be able to vote and ask questions. More information regarding online Shareholders will be asked to consider and, if thought appropriate, attendance at the Annual Meeting (including how to register to vote, pass the following ordinary resolutions: how to vote and ask a question) is available from the virtual AGM guide: https://bcast.linkinvestorservices.co.nz/generic/docs/ OnlinePortalGuide.pdf. Shareholders are encouraged to read the guide before the meeting. During the meeting, the Board intends to answer as many That Jane Freeman be re-elected of the most frequently asked questions as is reasonably 01. as a director of the company. practicable. Please refer to the instructions in the guide on how to ask a question.
    [Show full text]
  • Fisher Funds from the Undergrowth — July 2018
    From the Undergrowth July 2018 Debt up to our ears My generation loves to remind today’s younger Low interest rates are here to stay generations that first mortgage rates were near 20% in the So why are interest rates likely to stay so very low for an mid-1980’s. This fact is often recalled within a statement extended period, and why should we put aside such recent of either “toughen up” or “be careful it could happen history? The answer is the world is awash with debt. To again”, directed at today’s younger generations buying offset the depressing effect of the GFC, governments and exorbitantly priced houses. That though was over 30 years households have taken on mountains of debt to maintain ago and the world has changed immeasurably since then. employment, sustain incomes and to take advantage However, only 10 years ago the RBNZ Overnight Cash of the very low interest rates to buy assets, particularly Rate (OCR) was 8.25%; today it is 1.75% and it has been at property. In New Zealand household debt was $14b that level since November 2016. Having experienced very in 1985, $135b in 2008 and $211b today. Increases in high interest rates in such recent history does dominate interest rates today, would apply to a far greater pool of many investors thinking. This tends to create undue household debt, and therefore affect consumer spending caution to their investment decisions today or creates in a far greater way than it would have in earlier years. This undue expectations of what represents fair and sustainable significantly increases the power of the RBNZ (through medium term returns.
    [Show full text]
  • Leading the Way the Deloitte South Island Index
    Leading the way The Deloitte South Island Index A review of the performance of South Island listed companies during the year to 30 June 2013 22nd Edition Introduction Over the past 12 months the Deloitte South Island Index kicked into another gear achieving new milestones Welcome to the 22nd Edition of quarter upon quarter, gaining a remarkable $2.16 billion (47.1%) to the year ended 30 June 2013. This result the Deloitte South Island Index. was made notable after achieving sustained growth for every quarter of the year, even bucking the traditional In this edition we reflect on the seasonal winter slowdown period. During the year the Index continued to forge new territory, recording its performance of South Island highest point since its inception in 2007. listed companies during the Movements in June 2013 The month of June resulted in a slight drop in most recent quarter and review performance with the Deloitte South Island Index decreasing by 2.1%. This could be attributed to the usual the past year to 30 June 2013. drop during the winter period. Over the same period all the indices tracked decreased as well, with the NZX 50 dipping a diminutive 1.6%, the Dow Jones 1.4% and the ASX All Ords decreasing by 2.8%. Quarterly movements – Q2 2013 Despite the slight drop in June, the Deloitte South Island Index had another exceptional quarter – gaining $601 million (9.8%) in market capitalisation since 31 March 2013. This result was supported by a strong quarter for the Property and Manufacturing & Distribution sectors, which gained $677 million and $101 million in market capitalisation respectively.
    [Show full text]