Skellerup versus the biggest global proxy advisor

Institutional Shareholder Services says Skellerup boss David Mair's "substantial" pay rise "could be seen as excessive". (Image: Skellerup)

Rebecca Stevenson

Wed, 08 Nov 2023

Skellerup is at the centre of a corporate governance stoush, with a global institutional advisor raising concerns over uncapped bonuses for its chief executive and his “substantial” pay rise and the independence of its board. Institutional Shareholder Services (ISS) issued a report to its client shareholders before Skellerup held its annual general meeting (AGM) on Oct 25. ISS operates as a proxy house and institutional advisor, giving its shareholder clients, such as Kiwi Wealth and the New Zealand Super Fund, advice on v...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Finance

Payments NZ could play key role in open banking standards

A draft decision proposes an 18-month approval, rather than the five years requested.

Ben Moore 4:40pm

Policy

Luxon puts a gold star on his report card

Luxon says the Government has achieved 35 of its 36 action-plan points.

Staff reporters 4:25pm

Luxon puts a gold star on his report card

Property

Kāinga Ora CEO leaving with golden handshake

The new-look, post-review housing agency is not what the CEO signed up for, chair says.

Maria Slade 3:15pm

Kāinga Ora CEO leaving with golden handshake

Sponsored

Smart chargers don't just charge EVs

They also take the pressure off a stressed power network - We.EV

We.EV

Sponsored

Big change coming to insurance

Industry reset sees risk-based pricing coming for many homeowners.

VERO

More Markets

Markets

Rakon investor raises issues over failed bid

Minority investor Mike Daniel has raised fresh questions about a $400 million bid that was ultimately snubbed by Rakon’s board.The NZ Shareholders Association (NZSA) shares Daniel’s disappointment that millions were spent on takeover talks with nothing to show, but also offered s...

Staff reporters 2:10pm

Markets

New Talisman Gold Mines halts trading

On Monday, Australian and New Zealand Exchange-listed New Talisman Gold Mines halted NZX trading.The halt follows the Australian Securities Exchange's (ASX) decision to suspend trading in New Talisman Gold Mines securities on that exchange following the release of the company...

Staff reporters 12:30pm