DIRECTORS' TERMS

Poverty Bay Herald, Volume LXIV, Issue 19247, 12 February 1937, Page 12

DIRECTORS' TERMS

'BANK OF-NEW ZEALAND

GOVERNMENT APPOINTEES

; TWO MORE TO RETIRE ■ ■"lt Is'probable that within the next few. weeks the Labour Government will have a majority of its own .appointees oh the directorate of the Batik of New Zealand.-; ~ . Control of the bank is vested in a board of six directors, of .whom four arts appointed by the Government and two by the shareholders. The present Government directors are Sir George Elliot, of Auckland, and Mr. A. T. Donnelly, of . Ghristchurch, both ■ of whom were appointed during the life-time of the Ibrbes-Coates Government, and Mr. Jj. O. " x Williams, formerly lecturer-, in economics at Massey College, and Mr. |j,- ,J> r !Kelliher, of Auckland, who were appointed by the Labour .Government last year.":", The terms of both Sir George Elliot jmd Mr. Donnelly expire, on March 31 this year and, as a result of clarifying legislation passed last year, the way will then be open to the Government to replace them with men who may possibly b»'regarded as being more in sympathy With', the Labour view of finance. The action taken by the Government last yea K-in replacing Mr. Oliver Nicholson and:Sir~Harold- JJeauchamp is generally regarded as indicating a precedent for the procedure to be followed this year. The two shareholders' directors on the board at present are Mr. R. W. Gibbs arid Mr. William Watson. The term of Mr. -Gibbs will also expire on March 31, but. trre Government will have no sny in. his reappointment or- the- selection of a -successor. A -postal is being held, among shareholders, the candidates being Mr. Gihbs, who is again seeking election, and Mr.'. M. 0. Barnett, of Wellington., . The .remuneration of. the directors of the bank in New Zealand is fixed ft £SOOO a year, to be divided among thein in amounts to be fixed by the board. They are also entitled- to travelling allowances.

■ Sir George Elliot is the present chairman' of directors of the hank, having held" this .office previously from 1922 to 1931/' He has been a Government director, since 1919. Mr. Donnelly was appointed to the directorate in 1935 on the" resignation of Sir Tiobert Anderson.