Sheepmeat and beef levy-payers sought for Directors’ remuneration committees

The Beef + Lamb New Zealand (B+LNZ) Board and the New Zealand Meat Board (NZMB) are looking to appoint members to their respective new Directors’ Independent Remuneration Committees (DIRC).

B+LNZ and NZMB Chair Kate Acland says the committees will perform an important function providing farmers with an independent recommendation during the Annual Meeting voting process on Directors’ fees for each Board.

“Farmers will ultimately make the call on Director remuneration, but the B+LNZ and NZMB Boards have decided that the committees will provide useful independent consideration of market information, Director time commitments required and a range of other factors that will inform any recommendations.”

The single DIRC existed for both Boards until 2020 but each Board at that time decided they wanted to more actively take ownership of recommendations made using independent market advice, so disestablished the DIRC.

“Different Boards have different approaches to getting advice and the current Boards believe bringing additional rigour and transparency to the process of Director fees recommendations is appropriate in the current climate,” Acland says.

Applicants need to be sheepmeat or beef levy-payers and have governance experience. Committee members will be appointed for a three-year term and will be expected to be available for around two days a year. Their time will be remunerated.

“If you have experience serving on Boards or Advisory Boards, this is an opportunity to help farmers make informed decisions about remuneration for their levy-funded Directors.”

The B+LNZ DIRC is looking for two levy-payer representatives. The NZMB DIRC is looking for one levy-payer representative, and a processor representative will also be separately appointed. An independent Chair is also being sought to serve across both committees and applications are also welcomed for that role.

To apply, levy-payers should send a brief CV listing their relevant experience with a short cover note, along with details on which committee they want to be considered for, to hrhub@beeflambnz.com by 5pm Friday 20 October when applications close.

Potential applicants should review the Terms of Reference for the B+LNZ and/or NZMB DIRC and can direct questions to Cros Spooner, B+LNZ Chief Operating Officer, via cros.spooner@beeflambnz.com or on 0800 BEEFLAMB (0800 233 352).

ENDS

Further information:

The Terms of Reference for the B+LNZ DIRC are available here.
The Terms of Reference for the NZMB DIRC are available here.

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