Port Nelson Annual Report 2012 (pdf)

statutory information
to the shareholders, on the affairs of port nelson limited
for the year ended 30 june 2012
principal activities
Port Nelson is primarily engaged in the commercial operation of the port of Nelson. There has been no significant change in the
nature of Port Nelson’s business during the year.
review of activities
A review of the year’s operations is contained in the Chairman’s Report and the Chief Executive Officer’s Review.
review of operations
The net surplus for Port Nelson for the year was $10.367 million (2011 $6.584 million).
dividends
Dividends of $12,200,000 were recognised in the 2012 financial year ($1,000,000 interim dividend, $8,000,000 special dividend and
a provision for $3,200,000 final dividend for the 2012 financial year). Dividends of $12,200,000 were paid during the 2012 financial
year ($3,200,000 final dividend for the 2011 financial year, $1,000,000 interim dividend and $8,000,000 special dividend for the 2012
financial year).
directors
In accordance with Port Nelson’s constitution Messrs P M Schuyt and B A Monopoli will retire by rotation at the AGM in September 2012.
remuneration of directors
Fees paid to Directors during the year were as follows:
A O Patterson $60,800
P D Le Gros* $38,800
T B King $32,200
P V Lough $31,300
B A Monopoli $32,200
P M Schuyt $32,200
Total $227,500
statutory information
P D Le Gros was paid an additional $7,500 in director’s fees as recognition for services rendered on behalf of the board dealing with
an ad-hoc commercial matter that required board input. Without the additional fee, the amount paid to P D Le Gros fees would be
$31,300 and total director fees $220,000.
directors’ insurance
Port Nelson has arranged policies of Directors’ Liability Insurance to ensure that as far as possible Directors will not personally incur
any monetary loss as a result of actions undertaken by them as Directors. Certain actions are specifically excluded, for example the
incurring of penalties and fines that may be imposed in respect of breaches of the law.
directors’ interest
The following notices have been received from Directors disclosing their interests in other companies with whom the group may have
transactions. All transactions with these companies are conducted on normal commercial terms.
• 
Ms B A Monopoli has the following entries in the Register of Directors’ Interests: Director of the Animal Health Board Inc. Trusteeships;
Chairman of Nelson Millennium Centre Trust, Trustee of Wearable Arts Development Charitable Trust, Trustee of New Zealand International
Arts Festival Trust, Trustee of the Wellington Jazz Festival Trust. Other; Principal of Bronwyn Monopoli Chartered Accountant.
• 
Mr A O Patterson has the following entries in the Register of Directors’ Interests: Directorships; Director of Cold Storage Nelson Ltd,
Director of Freshco Nelson Ltd, Chairman of Wai-West Horticulture Ltd, Director of Wai-West Farms Ltd, Director of Nayland Road
Cool Storage Ltd, Chairman of Saxton Fruit Limited, Chairman of Tasman Rugby Union. Trusteeships; Nil. Other; Nil.
• 
Mr P M Schuyt has the following entries in the Register of Directors’ Interests: Directorships; Director of Dairy Investment Fund Ltd,
Director of Golden Bay Fruit 2008 Ltd, Director of Landcare Research Ltd, Director of Tatua Co-operative Dairy Company Ltd, Chairman
of carbonZero Ltd. Trusteeships; Trustee of World Wildlife Fund, Trustee of Wellington College. Other; Councillor of Waikato University.
• 
Mr P V Lough has the following entries in the Register of Directors’ Interests: Directorships; Director of LIC Ltd, Director od Fisher
and Paykel Appliances Ltd, Chairman of Methven Limited, Chairman of Quotable Value Limited. Trusteeships; Nil. Other; Nil.
• 
Mr P D Le Gros has the following entries in the Register of Directors’ Interests: Directorships; Director of Unimar Limited, Director
of Fico Finance Limited, Director of Duncan Cotterill Nelson Trustees (2008) Limited, Director of Nelson Electricity Limited, Director
of Building Connexion Limited. Trusteeships; Trustee of Nelson YMCA. Other; Nil.
• 
Mr T B King has the following entries in the Register of Directors’ Interests: Directorships; Waimea Rural Fire Authority. Trusteeships;
Trustee of Kaiteriteri Recreation Reserve Board. Other; Deputy Mayor of Tasman District Council, which is a shareholder of Port
Nelson, member of the Waimea Water Augmentation Committee and National Rural Fire Authority.
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