From The Board - August 21

1. CARDIGAN BAY HOLDINGS LIMITED

The Directors of Cardigan Bay Holdings Limited have advised the Board of HRNZ that they have contracts in place for the sale of their four hospitality outlets.

The performance of the outlets was reviewed as a consequence of COVID-19 and the Directors recommended to the HRNZ Board that these businesses be sold as they were no longer making a positive contribution.

Proceeds from the sale will be transferred to HRNZ’s capital reserve fund and will supplement existing funds from the sale of the Lincoln Road building.

2. CHIEF EXECUTIVE ROLE

The Board is now in a position to confirm Phil Holden’s contract as Chief Executive has been extended to 31st March 2021.

The process to recruit a Chief Executive has been initiated. The position will be advertised in October and it is hoped an appointment will be made before 31st December 2020.

3. HRNZ BOARD

The Independent Appointment Committee will be convened to select another Independent Director to replace Phil Holden, who stepped down to assume the Chief Executive role.

As one of the four elected members was required to retire in 2020, a ballot was held which resulted in Kevin McNaught being selected. Kevin has advised the Board he will be seeking re-election.

4. VOTING

Over the last two months, the Board has been considering potential voting models which will be provided for consultation with Clubs and Kindred Bodies prior to the Annual General Meeting.

Ken Spicer
CHAIR

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