Page 17 - NZPM Annual Report 2017

CORPORATE

GOVERNANCE

NZPM Group Limited is a co-operative
company and was established in 1964.

The board has adopted a formal corporate governance
programme, which identifies the functions and accountabilities
of the board and prescribes the objectives and standards by
which the board’s performance is measured. The board is fully
committed to excellence in corporate governance and has
adopted a board charter.

BOARD COMPOSITION
There are currently seven directors, all of whom are
non–executive directors.

Six directors are elected by the shareholders with two retiring by
rotation each year. This year at the Annual General Meeting,
Craig Coxhead and John DeBernardo retire by rotation and being
eligible offer themselves for re-election. Two appointed directors
may be elected by the board and they do not come up for
re-election by rotation. Linda Robertson was elected in August
2015 as the sole appointed director.

BOARD MEETINGS

Eleven board meetings were scheduled for the year. During the
year, an additional three meetings took place on an “as required
basis”. A table of meetings attended is provided on page 21.

AUDIT & RISK COMMITTEE

The purpose of the Audit & Risk Committee is to provide a forum
for the effective communication between the board and the
external auditors. The committee also provides advice, assurance
and observations to the board relating to the effectiveness and
adequacy of financial internal controls and risk management
systems, processes and activities across NZPM. Members of the
Audit & Risk Committee are Linda Robertson (Chair), Alister
Lawrence and Stu McIvor.

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