WHAT SHAREHOLDERS WILL BE ASKED
The recommended changes to the Zespri Constitution aim to stabilise and then reverse non-alignment between shareholding and production over time.
Zespri will ask shareholders to vote at a Special Meeting on 14 March 2018 on specific measures, including:
- A maximum shareholding of four shares for each tray of production. A producer would not be able to acquire more shares if they are overshared or if the acquisition would make them overshared. (See Rules Explained on Share Cap).
- Dividend restrictions on shareholders who are no longer producing growers. A dividend would not be paid to a shareholder that is not a producer as at the record date for that dividend. This would only apply after a transition period. (See Rules Explained on Dividend Restrictions for further information).
- A change to voting entitlements. This would be based on one voting share for each tray of production or the number of shares the producer holds – whichever is the lower. (See Rules Explained on Voting Cap for further information).
HOW SHAREHOLDERS WILL BE ASKED TO VOTE
There is a required vote under the terms of the current Constitution and a required vote under the Kiwifruit Export Regulations.
The process also recognises two interest groups: producers and non-producers. They each vote on specific interest group resolutions.
A detailed explanation is provided in Explanatory Notes – Interest Groups and the Voting Process.