S.F.M. changes name
PA. Invercargill Two amendments to the Southland Frozen Meat Company, Ltd, articles of association were approved by shareholders at the company's 99th annual meeting in Invercargill yesterday-. The first was that “the name of the company be changed from the Southland Frozen Meat and Produce Export Company. Ltd, to Southland Frozen Meat, Ltd.” The chairman of the company’s board of directors (Sir Alan Gilkison) said that the old name was cumbersome, and it was seldom used now anyway. “In its centenary year a change to a more streamlined and appropriate name would be a good idea,” he said.
The second change was to allow Sir Alan to continue as board chairman beyond October 1, when he would have had to retire because of
reaching the compulsory retirement age of 72 years.
He will now be able to remain as board chairman throughout the company's centennial year, but will have to retire at next year's annual general meeting. “It would be fair to say that the directors areMhe lowest paid employees in the entire organisation,” said Mr Anderson..’
Their responsibilities meant that greater inroads were constantly being made on their time, and they should receive greater, remuneration for their services, he said. A shareholder objected to the motion that directors’ fees, be increased from $25,000 to $35,000: — saying it was “absurd.” He moved an amendment to the motion that directors’ fees should be increased to $50,000. Sir Alan pointed out in
response to the amendment that directors are not paid,they are given an honorarium, but he said the directors would deeply appreciate the higher increase. The amendment was put and passed; it then ■ became the motion and was duly passed. The company is also to set up a post-graduate research fellowship at the University of Otago. It will be called the Southland ■ Frozen Meat Research Fellowship, and people from the Southland-West-ern Otago . area would be favoured as recipients.
Mr J. T. F. Francis, who has been appointed a director of Bell-Booth Group, Ltd, the agricultural and horticultural services, company. He was formerly general manager of Challenge Finance, Ltd, and has a long career in the New Zealand finance industry.
S.F.M. changes name
Press, 18 March 1981, Page 22
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