Tourism Holdings shareholders voted yesterday to give the company’s board of directors a pay rise of $10,000-$20,000 each.
The resolution to increase the maximum aggregate amount of remuneration payable to all directors to from $550,000 to $650,000 was approved by 96.2% of votes cast at thl’s annual general meeting in Auckland.
The increase would see the company’s chairman, Rob Campbell, receive a pay increase of 15%, or $20,000, to $150,000. Each of the company’s six directors would pocket an extra $10,000 – a 15% increase of their current $65,000 base fee to $75,000 per year.
Other resolutions passed included Catherine Quinn’s election to the board and Gráinne Troute and Graeme Wong’s re-election.
In his presentation to shareholders, Campbell said the company had made progress on thinking globally, being platform focused and acting as leaders in its sectors.
The company was mindful of working in an operating environment of significant global political, technological and social change but thl today had increased diversity of earnings and flexibility.
Its FY17 net profit of $30.2m – which was originally targetted for FY19 – was a record result and future growth would come from measured innovation, acquisition, and internal improvements.
The company’s five-year total shareholder returns were over 60% pa, or 1000% over 5 years, and the focus now was on reaching net profit of $50M in FY20.
In his closing comments, Campbell said investments in new initiatives were being closely managed, ongoing development of the core business was a key focus, and the company would stay true to its values, including sustainability.
The company is predicting net profit of $36m-$39m for FY18.