Page 21 - 2021 NZPM Annual Report

The directors received the following remuneration from NZPM in respect of the year ended 31 March 2021:

Board Fees Committee Retirement Total
Director
$ Chair Fees $ Allowance $ Remuneration $
John DeBernardo 120,000 - - 120,000
Peter Faul 1 60,000 1,500 - 61,500
John Leen 1 60,000 1,500 - 61,500
Ngaire Mansfield 2 23,478 1,174 6,032 30,684
Craig McCord 1 60,000 3,000 - 63,000
Kathy Meads 60,000 3,000 - 63,000
Mark Whitehead 1 60,000 4,386 - 64,386
1 Committee Chair roles changed in September 2020
2 Ngaire Mansfield’s term concluded on 21 August 2020

Director remuneration review Remuneration of employees
For the new financial year, the board considered it The number of employees or former employees of NZPM, not
appropriate to review the remuneration pool and being Directors of the company, who, during the year ended
commissioned Strategic Pay to recommend an appropriate 31 March 2021 received remuneration and any other benefits
level of remuneration based on the complexity, size, industry in their capacity as employees, the value of which was or
and operations of the Company, and market data available. exceeded $100,000 per annum is shown on the following
Strategic Pay carried out benchmarking against comparable table:
company revenue, assets and co-operative structure across a
wide range of companies, and subsequently recommended Remuneration bracket
NZPM Director Fees (excluding Committee Chair fees) of
$492,000 in total for a board comprising seven directors. 100,000 – 110,000 23
110,001 – 120,000 14
These fees would allow NZPM to appoint a second appointed
director if the board consider this would add future value to 120,001 – 130,000 11
the co-operative. Strategic Pay also recommended raising 130,001 – 140,000 8
committee chair fees to $25,000 in total in consideration of
market conditions and the workload and responsibilities of all 140,001 – 150,000 2
the company’s directors. 150,001 – 160,000 5
160,001 – 170,000 1
Following these recommendations, the directors will propose
a resolution to the 2021 Annual Meeting to increase the total 170,001 – 180,000 4
directors’ remuneration pool to $517,000 which represents a 180,001 – 190,000 3
4.4% increase. Historically the shareholders have approved
the maximum amount of remuneration which is divided 200,001 – 210,000 1
amongst the directors by the board, and we propose to 220,001 – 230,000 1
continue with this arrangement.
240,001 – 250,000 2
280,001 – 290,000 1
450,001 – 460,000 1
490,001 – 500,000 1
830,001 – 840,000 1

2021 Annual Report 19