Shareholders in the country’s only oil refinery operator, NZ Refining are being asked to approve changes to its constitution to allow for a smaller board.
The Whangarei-based company’s shareholders will vote on May 4 on 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.
It expects the board would 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 from the board and Chevron New Zealand selling its stake, and takes into account feedback from other shareholders.
NZ Refining noted in its AGM notice that it will “create the flexibility to move to a smaller number of seats on the board while continuing to safeguard minority shareholder interests.”
