Airport AGM

Airport AGM

The annual meeting of shareholders of Auckland International Airport Limited (AIAL) was held at the TelstraClear Pacific Events Centre today. All resolutions put to the meeting were passed by shareholders. Full details of the polls conducted are set out below.

Shareholders approved a $100,000 total quantum increase in directors’ fees at the Auckland International Airport Limited annual meeting today. Directors’ fees were last increased in 2004.

The increase takes the total quantum of annual directors’ fees from $560,000 to $660,000.

Retiring board chairman Wayne Boyd said, “The board’s policy is to regularly seek independent advice on the appropriate level of directors’ remuneration.”

The independent advice from Egan Associates was to recommend a fee increase in accord with current practice in New Zealand and Australian companies of comparable scale and to reflect the increasing level of governance and time commitment required of directors pursuant to national and international standards.

Mr Boyd said the directors believed the proposed fee increase was appropriate because of:

 the need to attract suitably qualified new directors with competitive fees;
 the requirement for an appropriate blend of qualifications and experience to address orderly succession planning; and

 the increasing complexity and risk in the role of directors and the additional time required for board and committee work.

Dr Keith Turner was re-elected to the board, and board member John Maasland retired and was elected. Following the annual meeting, the board of directors elected Mr Maasland as chairman, replacing Mr Boyd on his retirement.

Mr Maasland has been a director since August 2006 and has held a number of senior executive positions with Wilson & Horton Limited, including chief executive officer. He was appointed to the board of Carter Holt Harvey in 1998 and became chairman in 2003. Other appointments include chairman of the New Zealand Radio Network Limited, South Auckland Health Foundation and the Royal New Zealand Ballet and director of APN News & Media Limited, Auckland Regional Chamber of Commerce, Macquarie Goodman (NZ) Limited, Delegat’s Group Limited, Waterman Holdings Limited and Woosh Wireless Limited.

On his election as a director, and as chairman, John Maasland paid tribute to Wayne Boyd’s exemplary service as chairman over the past 10 years. He said it was an honour to succeed Mr Boyd and he looked forward to leading the board and working closely with management to ensure the company continued to prosper to the benefit of its shareholders, customers and wider community.

Deloitte was confirmed as company auditors. Directors were authorised to fix the fees and expenses of the auditors.

Shareholders also passed by acclamation a vote of thanks to retiring chairman, Wayne Boyd, for his contribution to the company during his tenure, both as a director and chairman of the board.

Results of polls

Resolution For Against %
1. To re-elect Dr Keith Turner as a director 602,965,250 250,256 99.96%
2. To elect Mr John Maasland as a director 602,443,492 656,254 99.89%
3. That the total quantum of annual directors’ fees be increased by $100,000 from $560,000 to $660,000, such amount to be divided among directors as they deem appropriate 439,868,721 2,434,980 99.45%
4. That the directors be authorised to fix the fees and expenses of the auditors. 599,844,849 974,939 99.84%

ends

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