In August, FMG will hold its 121st Annual General Meeting (AGM).
FMG's Constitution and Member Director Election and Appointed Director Policy (the Policy) require that a third of all Member Directors retire by rotation at each year's AGM. This year, Murray Taggart and Nicola Shadbolt are due to retire by rotation, and both will be seeking re-election.
The Reserve Bank of New Zealand and the Financial Markets Authority previously published a joint Governance Thematic Review. A key finding is that boards have an obligation to ensure they have the collective skills and experience required to guide an organisation. This includes undertaking a robust and ongoing skills assessment of directors and maintaining a robust selection process.
The Policy sets out the criteria for the evaluation of Member Director candidates, including current directors. Consequently, the Board continues its practice of providing guidance to Members as to which candidates are considered most suitable, while retaining the discretion to identify more candidates than available vacancies, or none at all, if appropriate.
The Board has not set any Specific Criteria under the Policy. A copy of the Policy is available on FMG's governance and compliance webpage or can be obtained by contacting FMG General Counsel Lisa Murray.
At the 2026 AGM, we will provide an update on how the Mutual is tracking. Members can attend through a virtual platform. Alternatively, Members can vote through the proxy form sent with the Notice of Meeting, which includes an online voting option.
