New Zealand Oil and gas
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Annual Meeting Results

Posted on 5 November 2020

Annual Meeting Results Seven resolutions were voted on by shareholders at the Annual Meeting of New Zealand Oil & Gas held online today, 4 November 2020. Results were as follows:

SHAREHOLDER PROPOSAL

Mr J Dunphy has put forward three resolutions for consideration at the meeting.

Resolution 1:
There is no confidence in the two current independent directors, Dr Archer and Mr Ritchie, and they are asked to resign.
For: 8,526,911 [ 6.85%]
Against: 115,944,684 [ 93.15%]
Abstain: 1,279,037
The resolution was therefore not carried.


Resolution 2:
Consistent with the commitment made to shareholders last year in relation to the highest standards of corporate governance, the board shall be comprised of a majority of independent directors from the first possible date this can be achieved through the resignation or removal of existing directors and the appointment of new independent directors.
For: 2,461,803 [ 2.02%]
Against: 119,151,818 [97.98%]
Abstain: 4,137,011
The resolution was therefore not carried.

 

Resolution 3:
Having regard to the importance of effective, competent independent directors and the protection of minority shareholders’ interests in the Company, the minority shareholders may appoint a minimum of two directors via an ordinary resolution of the shareholders in relation to which the majority shareholder will not vote.
For: 5,887,650 [4.71%]
Against: 119,144.283 [95.29%]
Abstain: 718,699
The resolution was therefore not carried.

 

Resolution 4:
ELECTION OF DIRECTORS That Mr A McGregor be elected as a director
For: 123,865,199 [98.68%]
Against: 1,659,390 [1.32%]
Abstain: 226,043
The resolution was therefore carried.

 

Resolution 5:
ELECTION OF DIRECTORS That Mr J Dunphy be elected as a director
For: 2,171,596 [1.75%]
Against: 122,270,212 [98.25%]
Abstain: 1,308,824
The resolution was therefore not carried.

 

Resolution 6:
ELECTION OF DIRECTORS That Ms S Sharif be elected as a director
For: 2,514,318 [2.01%]
Against: 122,426,833 [ 97.99%]
Abstain: 809,481
The resolution was therefore not carried.

 

Resolution 7:
That the Company’s Board of Directors be authorised to fix the auditor’s remuneration.
For: 125,223,278 [ 99.91%]
Against: 111,178 [ 0.09%]
Abstain: 416,176
The resolution was therefore carried.