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LIC chairman Murray King and other directors aren't getting a pay rise after shareholders narrowly voted down a proposal to lift board fees.
Livestock Improvement Corporation (LIC) shareholders have voted against raising director fees.
A proposal by the LIC honoraria committee was narrowly defeated at LIC’s annual meeting today: 50.8% of those who voted opposed the increase while 49.25% were in favour.
The shock result means LIC chair and director fees remain the same as 2019, given there was no increase last year due to the impact of Covid. They remain $123,600 for the chair and $54,000 for each director.
The honoraria committee proposed two increases to shareholders, including the pay rise put on hold last year.
For the chair, an increase of $6,400 for 2020 and $2,500 for 2021 was proposed. For directors $2,500 for 2020 and $3,500 for 2021 were on the table.
The committee also sought an extra $60,000 for a provisional fourth appointed director on the board. LIC has a nine member board: six farmer-elected and three appointed directors, all appointed for a three-year term.
In seeking the pay rise for directors, the honoraria committee told farmer shareholders it is imperative that LIC maintains a high calibre of directors.
“Elected directors bring a strong understanding of the co-operative as well as the New Zealand market.
“Appointed directors bring to the board a balance of skills and experience relating to international markets, mergers and acquisitions, health and safety, technology, finance and risk, and often have exposure to other complex businesses.”
However, the majority of voting shareholders did not agree.
The resolution on director remuneration was the only one voted down at the AGM, held online due to Covid restrictions.
Shareholders approved a pay rise for LIC Shareholder Reference Group members with 68% in favour of the resolution.
They also approved the re-election of appointed director Candace Kinser, with 87% in favour.
LIC chief executive David Chin says meeting the revised methane reduction targets will rely on practical science, smart technology, and genuine collaboration across the sector.
Opening a new $3 million methane research barn in Waikato this month, Agriculture Minister Todd McClay called on the dairy sector to “go as fast as you can and prove the concepts”.
The Government has announced it has invested $8 million in lower methane dairy genetics research.
The first calves of a new crossbred dairy-beef offering are now on the ground at a Pamu (Landcorp) farm near Taupo.
Academic and former Fonterra director Nicola Shadbolt has been elected as LIC director.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.
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