73
2017 WEL Networks
|
Annual Report
wel.co.nz
DIRECTORS’ REPORT /
STATUTORY INFORMATION
1. DIRECTORS’ REMUNERATION
Directors’ fees and other remuneration paid during the year were:
Year Ended 31
March 2017
$
Year Ended 31
March 2016
$
M P Devlin
85,000
85,000
M X Franklin
59,444
42,500
P D McGilvary
42,500
42,500
A V Steele
59,167
42,500
B S Harris
42,500
42,500
D R Wright
42,500
42,500
R H Fisher
34,375
-
D Dinsdale
1,869
-
367,355
297,500
2. DONATIONS
There were no donations made by the Company during the year.
3. DIRECTORS’ INDEMNITIES AND INSURANCE
The Deeds of Indemnity given by the Company in favour of those Directors who held office at the beginning of the financial
year to which this report relates, and to Directors appointed since the beginning of the financial year and who still hold
office as Directors of the Company, remain in full force and effect on the same terms and conditions under which they
were given.
As permitted by, and to the extent permitted by, the Company’s Constitution, the Company has effected insurance for
Directors and officers which, together with the Deeds of Indemnity, generally ensures that the Directors will not incur any
monetary loss as a result of actions undertaken by them as Directors. The Directors and officers insurance comprises a
primary layer of $25 million and an excess layer of $10 million.
Statutory liability insurance with a limit of $1,000,000 per claim and in the aggregate has also been effected.
4. DIRECTORS’ TRANSACTIONS
All transactions in entities in which Directors disclosed an interest have been conducted on an ‘arm’s length’ basis in the
normal course of business.
