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Media release

15 March 2021

Following the New Zealand Meat Board (NZMB) 2021 Annual Meeting on Friday 12 March, NZMB director fees will not be increased.

NZMB’s Chairman Andrew Morrison says the decision was one of two resolutions outlined in materials mailed to all farmers, with voting open to anyone regardless of whether they attended the meeting. This was the first time this approach was used, and the meeting was also held online for the first time.

“Using these new approaches is part of the Board’s commitment to increase our engagement with farmers, raise the profile of the NZMB’s role, and provide greater transparency to farmers.”

The voting resolution results show 51.57 percent of voters were against an increase in the director fees pool for producer and industry directors from $144,200 to $180,000 per annum.

The second resolution, relating to the appointment of an auditor, saw 90.60 percent of voters agreeing that KPMG should be appointed for the year ending 30 September 2021.

“We stand by our decision to include the director fee resolution following the thorough review of NZMB’s director fees undertaken in 2020, which was independently reviewed by Mitchell Notley & Associates Ltd.

“The final decision was always in the hands of voters and the ‘no’ vote shows we need to do more work to convey the increasing complexity of the NZMB’s role and the environment it operates in, and how this relates to director remuneration.

“The first steps in increasing farmer engagement with the Board have been successful, however. We received over 1700 votes and we look forward to building on this strong base in future.”

Watch the NZMB Annual Meeting

Learn more about the NZMB and its resolutions by watching a recording of NZMB’s virtual Annual Meeting, which was held Friday 12 March.

ENDS

For more information, please contact Beef + Lamb New Zealand’s Communications Advisor Abigail Delaney on 027 209 9891.

Note for editors: Farmers voted online and by post. Votes had to be received by 2pm, Friday 12 March 2021.

The Beef + Lamb New Zealand Director elections in two districts, announced on 15 March, are also relevant to the NZMB – Farmer and Processor Directors sit on both Boards.