Page 75 - NZPM Annual Report 2020

During the year, the Health and Safety Committee (retired), and Mark Whitehead are also directors of
was chaired by Craig McCord and Ngaire Mansfield. companies which regularly trade with Plumbing World
John DeBernardo and Peter Faul were members of the on normal trading terms.
committee.
John DeBernardo and Stu McIvor (retired) have
MEMBERSHIP COMMITTEE separate interests in two properties that are leased
to Plumbing World. Both properties have formal lease
The Membership Committee reviews and manages agreements in place and rent is based on commercial
all governance matters related to shareholder leasing valuation rates. In April 2020, John DeBernardo
membership and liaises with Master Plumbers, advised that he had disposed of his interest in the
Gasfitters and Drainlayers NZ Inc. During the year, the property leased to Plumbing World.
Membeship Committee was chaired by Stu McIvor
(retired), then Craig McCord. Ngaire Mansfield and John RISK MANAGEMENT
Leen were also members of the committee.
Risk is a normal part of business which NZPM
REMUNERATION COMMITTEE Group proactively manages through a formal risk
management framework.
The Remuneration Committee makes
recommendations to the board in respect of the The purpose of the framework is to improve the
terms of employment, remuneration policies and likelihood of the co-operative achieving its business
arrangements and appointment of the senior executive objectives including safety, prevention of the loss of
group. During the year, members of the Remuneration shareholder value, prevention of damage to or loss
Committee were Mark Whitehead (Chair), John of property, preventing damage to the environment
DeBernardo, and Kathy Meads. in which the company operates, and protecting the
reputation of the company.
AUDITORS
The framework allocates responsibility for risk
identification, risk control systems and processes,
It is proposed that Deloitte continue in office in
accordance with Section 200 of the Companies description and measurement of the impact of risk,
Act 1993. likelihood of the risk occurring and risk mitigation.
The board ensures each director receives appropriate
USE OF THE COMPANY INFORMATION information on critical risks and the manner in which
these are managed or mitigated. This process
During the year NZPM Group received no notice from
the directors requesting to use company information, includes site visits by directors and senior executives
received in their capacity as directors, which would not to observe treatment of operational and safety risks,
otherwise have been available to them. specialist reviews and advice from technical experts,
regular reports on risk management practices and
DONATIONS identification of liability issues to ensure relevant risks
receive the appropriate focus.
During the year the NZPM Group gave donations and
sponsorship of $19,448 (2019: $21,350). DIRECTOR REMUNERATION
INSURANCE OF DIRECTORS The remuneration of the board takes into account
the scope and complexity of the company and the
The NZPM Group has arranged directors’ and officers’ responsibilities of the directors and is reviewed on an
liability insurance that covers directors and executives annual basis using a specialist independent adviser.
for personal liability pursuant to the Companies Act
The total maximum remuneration payable to
1993. The Group has provided an indemnity to each of
the directors of NZPM Group is approved by the
the directors, general managers and the Group CFO.
shareholders at the Annual Meeting and apportioned
by the directors. The current board remuneration of
DIRECTORS’ INTERESTS
$495,000 was approved at the Annual Meeting held on
John DeBernardo, Peter Faul, Alister Lawrence (retired), 16 August 2019.
John Leen, Ngaire Mansfield, Craig McCord, Stu McIvor

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NZPM GROUP LIMITED ANNUAL REPORT 2020