What the Board of Directors does
The Board of Directors is responsible for the overall governance of LIC. The directors manage, direct and supervise the company, unless our Constitution or the Companies Act require those powers to be exercised by shareholders or others.
The Board of Directors is ultimately responsible for the success of the company. The Board:
- passes company resolutions
- is required legally to act in the best interests of the company.
The Board of Directors has 10 directors — seven elected farmer directors and three independently appointed directors. Farmer elected directors serve terms of 4 years. Our independent directors serve terms of three years.
Electing farmer directors
Farmer directors are elected by qualifying shareholders in one of four regions in April each year:
Qualifying shareholders must hold co-operative control shares.
If you live in a region having an election you’ll be sent a list of candidates and voting instructions by post several weeks beforehand.
The Northern region is represented by one director. The other regions are represented by two directors each.
One vote for each co-operative control share
You get one vote for each co-operative control share you have. No shareholder can exercise or control more than 1% of the maximum number of possible votes.
Independently appointed directors
The Shareholder Council approves the appointment of the independent directors. Qualifying shareholders ratify their appointment at the Annual Meeting in October.