Members Applaud Directors’ Decision Not To Increase Fees
Southern Cross Medical Care Society held their 2008 Annual General Meeting yesterday.
At the outset of the meeting, a proposed resolution to increase the total pool of directors’ fees by $69,000 to $430,000
was withdrawn from the items of business. The proposed increase, which was the first in 11 years, included provision for
an additional director and was recommended by an independent assessor.
However, Chairman Jeff Todd said since the Board had decided to seek an increase several months ago, the financial
situation in New Zealand and globally had significantly deteriorated and this was taken into account in the decision to
withdraw the resolution. The withdrawal
received a round of applause from the 300 members attending the meeting. Members of the Southern Cross Medical Care
Society yesterday returned David May and Phillip Meyer as Directors of the Southern Cross Medical Care Society. They
also elected Graeme Hawkins and Mark Verbiest as Directors, both of whom were appointed on 1 October 2008.
Mr May was also re-elected as a Trustee of the Medical Care Society.
The meeting also adopted the Society’s annual report, annual accounts and balance sheet for the year ended June 30, 2008
and reappointed KPMG as the Society’s external auditors.
ENDS