Annual Meeting

The Annual Meeting of the Shareholders of Livestock Improvement Corporation Limited will be held virtually at lic.co.nz/annualmeeting on Thursday 15 October 2020 commencing at 10.30 am.

At the 2020 LIC Annual Meeting, in addition to business as usual matters, we’re seeking shareholder support for proposed changes to LIC’s Constitution and Governance and Representation Structure.

Proposed changes to the Constitution and Governance and Representation Structure

Shareholders will be voting on the following:

A. Update and streamline LIC’s governance and representation to make sure the co-operative is working at all levels for its shareholders.

B. Update the co-operative’s constitution to be able to appoint a “market maker” to improve the liquidity of LIC’s shares on the NZX.

A. Changes to LIC's constitution and governance

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LIC Chair, Murray King, and Shareholder Council Chair, Mark Meyer, outline the proposed changes.

Carefully reviewing and updating LIC’s governance and shareholder representation is the next step in LIC’s transformation. Just as we did with the share structure, we need to be sure that the governance and representation models are operationally efficient, effective and fit for purpose.

We understand that LIC’s delivery of products and services for its customers takes priority over shareholder issues for many of you. One of the main outcomes from the review is the need to strengthen engagement with shareholders. In particular, the way shareholder input is sought on operational performance and quality, product development, service delivery, and enhancements that need to be made.

B. Appointing a “market maker”

There is a separate resolution for shareholders to vote on in the Notice of Meeting. This resolution is to amend the constitution to enable the Board to appoint a “market maker”, subject to the Minister of Agriculture approving this change. The aim of the “market maker” is to create price stability and additional liquidity through consistent two-way quotes in LIC shares on the NZX.

LIC recognises that due to the restrictions on who may hold LIC’s shares, its stock is more illiquid than other listed companies.

LIC proposes to introduce the option to be able to appoint one or more firms to act as a “market maker”. The role of the “market maker” is solely to provide additional liquidity in LIC shares for those farmers approved to buy and sell shares without the need to wait for another LIC shareholder to trade with.

Your decision

Please see the 2020 Notice of Meeting for more detail on these proposed changes.

Ultimately it is you – the shareholders as owners – that make LIC a great co-operative. It is vital that your voice and your views are heard and acted upon as we grow and build our co-op in the years to come.

Voting packs for the annual meeting, including detail on the additional shareholder matters, will be sent in the mail.

Additional information can also be found in the links below:

Annual Meeting 2020 - Ask a question

If you’re unable to attend our Annual Meeting please submit a question to be addressed in the meeting.

The 2018 Annual Meeting was held at our head office in Newstead, Hamilton on Thursday 18 October.

Notice of meeting

Annual meeting presentation 2018

Shareholder Council report 2018

Certificate of Returning Officer 2018

The 2017 Annual Meeting was held in Invercargill on Wednesday 25 October.

The meeting ratified the reappointment of independent director Abby Foote and ratified the appointment of new independent director Tim Gibson.

Notice of Annual Meeting

Annual Meeting presentation 2017

Postal voting and poll voting results 2017

Shareholder Council report 2017

Certificate of Returning Officer 2017

Vote now

Voting for the LIC Annual Meeting is now open

Vote online now

Vote now

Voting for the LIC Annual Meeting is now open

Vote online now