Paul Grogan Too many red flags for me
NZ Farming Systems AGM for 15th Oct. Some points of note.
4. Resolution Not Supported by the Board
To consider and, if thought fit, to elect as a Director
of the Company, Paul Grogan who has been nominated by
ST & CJ Bell Limited.
He has provided the following biographical details. He is an Auckland based private equity investor, specialising in risk assessment and reward, with farming, forestry and primary industry interests and experience. He has a Graduate Degree and Diploma from Massey University.
For the reasons outlined below, the Board does not support resolution 3 and recommends that shareholders vote AGAINST the resolution to elect Paul Grogan.
(See Explanatory Notes)
Why the Board does not support Resolution 3
A current non independent Director, Samuel Richard Maling, will retire by rotation at the annual meeting, and has indicated that he will not stand for re-election. To fill the vacancy arising from Samuel Richard Maling’s retirement, the Board has not had the opportunity to undertake a standard succession planning process to review the experience, expertise and skill sets required of the Board, and identify and nominate potential candidates in a professional and structured manner. Prospective Director candidates should be fully researched for their professional experience, expertise, independence, cultural fit and references. Such a process balances the introduction of new skills to the Board while maintaining sufficient continuity, and ensures that shareholders are given the opportunity to appoint the most appropriately qualified and experienced candidates to the Board.
The Board would prefer to undertake a standard succession planning process in the best interests of the Company, and in which this Director nominee could participate. The Board also notes that other potential candidates did not put their names forward for election given that they were aware of the intended succession planning process. In addition, the Board proposes to consider Mr. Grogan’s nomination as part of this process.