Page 76 - NZPM Annual Report 2020

No directors received any other benefit that was That in the opinion of the board of directors, NZPM
additional to his or her total remuneration. Group Ltd has throughout the financial year ended 31
March 2020 been a co-operative company as defined
In addition to the remuneration, the NZPM Group by Section 3 of the Co-operative Companies Act 1996.
constitution provides for the payment of director
retirement allowances. The reasons for this opinion are that the company has:

The directors have previously resolved that at the a. Supplied their voting shareholders with goods
discretion of all other directors, a retirement allowance and services via a subsidiary company; and
may be paid to any non-executive director on their b. Retained the one vote per transacting
cessation of office at the rate of 5% of the aggregate of shareholder rule; and
the highest three financial years remuneration paid to
such director, for each year of service as a director of c. Continued to promote the principles of the
the company. co-operative enterprise.

ANNUAL RESOLUTION BY DIRECTORS OF
CO-OPERATIVE COMPANY
Pursuant to Section 10 of the Co-operative Companies
Act 1996 on 2 July 2020, the directors resolved:

DIRECTORS’ REMUNERATION

The directors received the following remuneration from NZPM Group in respect of the year ended 31 March 2020.
Total
Directors fees Retirement
Director remuneration
($) allowance ($)
($)
J DeBernardo 110,038 - 110,038

P Faul 1 37,011 - 37,011
A Lawrence 2,3 18,774 41,083 59,857

J Leen 1 37,011 - 37,011
N Mansfield 3 56,519 - 56,519

C McCord 3 57,636 - 57,636
S McIvor 2,3 18,774 69,750 88,524

K Meads 3 57,636 - 57,636
M Whitehead 4 59,136 - 59,136

1 Mr Faul and Mr Leen were elected to the board on 16 August 2019.
2 Mr Lawrence and Mr McIvor retired from the board on 16 August 2019.
3 Includes $2,000 per annum to undertake the role of a chair of a committee (part year for Mrs Mansfield).
4 Includes $4,000 per annum to undertake the role of a chair of two committees (part year for the second committee).

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NZPM GROUP LIMITED ANNUAL REPORT 2020