Retirement of Independent Director Richard Bobb

MCK advises that its Independent Director Richard Bobb has decided to retire from the Board and will therefore not be standing for re-election at the upcoming annual meeting of shareholders. Mr. Bobb’s retirement will take effect at the end of the meeting on 25 May.

“As shareholders know, I’ve maintained throughout my time on the MCK Board that the company should adhere to best practice in corporate governance. Over the past few weeks, I’ve been reflecting on the fact that I was appointed in 2004 and I’ve now determined that this is now an appropriate time for me to retire from the Board”, he said.

MCK Chair Colin Sim thanked Mr. Bobb for his contribution to the company on both sides of the Tasman.

“Richard has made some very important contributions in the time he has been with MCK, not only as the Chair of the Audit Committee but also as the director of our Australian subsidiaries. He has helped us weather a number of difficult events internationally and in both New Zealand and Australia. We are very grateful for his lengthy and constructive service as an Independent Director. The Board thanks Richard for his work and wishes him well for the future”, he said.

As a consequence of Mr. Bobb’s decision, Resolution 2 relating to his re-election will not be put to shareholders and any postal votes cast will not be counted.

Mr. Sim also confirmed that there would not be an additional director appointed to replace Mr. Bobb as the Board would still have three independent directors (McKenzie / Preston / Sim).

-ENDS-

Issued by Millennium & Copthorne Hotels New Zealand Limited

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