B+LNZ board fees hike rejected by farmers

Red meat farmers have dealt a major blow to their umbrella farmer body, Beef + Lamb New Zealand – rejecting an increase in directors’ fees.

Results from B+LNZ’s annual meeting in Nelson today shows that almost 66% of farmers who voted, opposed the fee increase. Voter turnout was around 12%.

The board had asked farmers to boost the fee of chair Kate Acland to $90,000 from $76,220. Each director would have received $45,000 from this year (currently $38,110). The pool available for additional director duties was to increase to $25,000 from $20,000. The pool is currently used to recognise additional duties as a chair of board committees and is intended for those directors who sit on our representative organisations’ advisory groups on behalf of B+LNZ and who are not remunerated in these roles.

Farmer support was required for the proposal to proceed, so the fees will not be increased this year.

Acland says the board respects the result.

 “We recognise it’s extremely tough on farm at the moment and believe this has been reflected in the voting outcome,” Acland says.

“However, the fact remains that B+LNZ’s director fees are well below industry benchmarks. While the result shows there are some farmers who would be comfortable with this being addressed now, that’s not the case for the majority so we’ll pick this up again when the time is right.”

A second resolution put forward by the on the appointment of the auditor was supported by farmers.