SPK
30/10/2015 13:48
MEETING
NOT PRICE SENSITIVE
REL: 1348 HRS Spark New Zealand Limited
MEETING: SPK: Spark New Zealand withdraws resolution
Market Release
30 October 2015
Spark New Zealand withdraws resolution
Spark New Zealand's Board of Directors has decided to withdraw a resolution
seeking shareholder support for an increase in the total Directors'
remuneration fee pool.
"We firmly believe the proposed increase in the Directors' remuneration pool
was justified, given that it has not increased in over a decade and the
modest proposed increase of 5% meant the increased pool would benchmark well
with comparable listed entities in New Zealand and Australia," Chairman Mark
Verbiest said.
"The Board continually monitors shareholder feedback, and while many
shareholders were supportive of the increase, current sensitivity regarding
director fee increases meant some had expressed concern.
"We believe it's important to make decisions with a strong mandate from our
shareholders. In light of feedback to date, we have decided not to put this
resolution forward as we believe it will detract from the solid progress that
Spark New Zealand is making for shareholders. Withdrawing it in the
circumstances is the right thing to do.
"If we believe it is appropriate and in the best interests of the company and
shareholders, we may seek to put a related resolution forward at a subsequent
meeting."
Spark New Zealand shareholders were due to vote on the proposal at the
company's annual meeting on November 6.
-ENDS-
For media queries, please contact:
Richard Llewellyn
Head of Corporate Communications +64 (0) 27 523 2362
For investor relations queries, please contact:
Stefan Knight
General Manager Finance and Business Performance +64 (0) 27 252 9438
End CA:00272611 For:SPK Type:MEETING Time:2015-10-30 13:48:50
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