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: Sophie Haslem, David Jensen (retired), Ken Hames, Ben Dickie, Murray King, Alison Watters, Gray Baldwin, Candace Kinser, Matt Ross, Tim Gibson