The Board has up to 10 directors
— seven farmer elected directors and three independently appointed
directors. Farmer elected directors serve for a four-year term. Our
appointed directors serve terms of three years each.
The functions of the Board are set out in Clause 22 of
LIC’s Constitution. It is predominantly responsible for managing, directing and
supervising the company, unless our Constitution or the Companies Act require
those powers to be exercised by shareholders or others.
Farmer elected directors must be
shareholders of LIC. They are elected by shareholders to represent one of four regions
in New Zealand and serve a four-year term.
Elections are held on a rotational and regional basis
in April each year, where an elected representative’s term is ending. All
shareholders in the region are encouraged to vote.
Independent directors serve for a term of three years. They are
selected to ensure your Board has the appropriate skills and competencies to
lead our organisation effectively. The perspectives and experience they bring
to the Board complement the industry knowledge and other expertise provided by your
farmer elected directors.
The Board will recommend candidates that have been shortlisted
through a Director Search and Selection Advisor.
The Shareholder Council has to approve the appointment of the
independent directors before shareholders are asked to ratify the appointment
at the next Annual Meeting.
Left to right: David Jensen, Candace Kinser Reed, Gray Baldwin, Tim Gibson, Matt Ross, Murray King, Murray Jagger, Abby Foote, Ben Dickie, Alison Watters