New Zealand Refining wants shareholders to approve a change to the company’s constitution that would allow for a smaller board.
The Whangarei-based company’s shareholders will vote on May 4 in Auckland on whether to back a change that would let NZ Refining cut its minimum number of directors to three from eight, and remove a maximum cap of 12 directors. The oil refinery operator expects the board will be made up of three representatives from its oil company shareholders — ExxonMobil, BP New Zealand and Z Energy — and four independents, one of whom would be chair.
The move follows the resignation of Dean Gilbert and Chevron New Zealand selling its stake, and takes into account feedback from other shareholders.
Copyright © 2016 The New Zealand Herald. All rights reserved., source Newspaper