NZX & MEDIA RELEASE 13 July 2011
Changes to the Board of Kiwi Income Properties Limited
The Manager of Kiwi Income Property Trust, Kiwi Income Properties Limited, today advises that Mr Sean Wareing has
provided notice of his intention to retire from his position as a Director and Chairman of the Board of the Manager,
effective from the conclusion of the Annual Meeting on 18 August 2011.
The Board wishes to acknowledge the significant contribution Mr Wareing has made to the governance of the Trust since he
joined the Board in October 2004. He leaves with the appreciation and best wishes of the Board and Management. Upon Mr
Wareing’s retirement, Mr Mark Ford will take over as Chairman of the Board of the Manager of Kiwi Income Property Trust.
Mr Wareing said, “Since my appointment as a director nearly seven years ago it has been my pleasure to chair a Board of
Directors fully committed to the Trust’s vision of being New Zealand’s leading property investment vehicle. On my
retirement at the Annual Meeting in August 2011, I will leave in place an excellent group of directors who will continue
to diligently govern the Manager’s activities in the attainment of the Trust’s objectives. I am also very pleased to be
handing over the role of chairman to a company director of Mr Ford’s calibre.”
Mr Ford, who is professional Sydney-based director, joined the Board as an independent director in May 2011 and also
holds the roles of Non-Executive Chairman for Cbus Property Pty Ltd and Non-Executive Director for the Manager of China
Commercial Trust. His previous directorships include Comrealty Ltd, South East Asia Property Company (Chair), Property
Council of Australia, Deutsche Asset Management Australia and Trafalgar Corporate Group Limited, amongst others.
Prior to becoming a professional director, Mr Ford was Managing Director, Head of DB Real Estate Australia, where he
managed over A$10 billion in property funds, as well as overseeing the listing of two property trusts, the acquisition
of the AXA Australia property business, the purchase of Paladin Limited and the merger of the Deutsche and Paladin
Trusts. Mr Ford was also a member of the global real estate executive committee for Deutsche Asset Management and RREEF.
Previously, Mr Ford held senior roles in the finance and property sectors, beginning his career with Price Waterhouse in
1972.
Upon Mr Wareing’s retirement, the Board of Kiwi Income Properties Limited will comprise seven directors, five of whom
the Board has determined are independent directors in accordance with NZSX Listing Rule 3.3.2. The independent directors
are Mark Ford (Chair), John Duncan, Robert Narev, Joanna Perry and Mike Steur. The non-independent directors are Darren
Steinberg and Richard Didsbury. Mr Wal Edgell may act from time to time as a non-independent alternate director for Mr
Steinberg.
ENDS