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NZSA to vote against Xero's proposed $800k increase in directors' fees

The New Zealand Shareholders' Association says it will vote the Xero proxies it holds against the resolution to increase maximum directors' fees by $800,000 to $2.2 million.

That's because the accounting software company hasn't provided an independent report to justify the increase and because the notice of meeting didn't include the amounts payable to individual directors.

"We are concerned on both points as regards the governance principles of disclosure and transparency," NZSA says in its advice to members on how it will vote any proxies it receives.

"This prevents shareholders from being able to make an informed decision."

The New Zealand Shareholders' Association says it will vote the Xero proxies it holds against the resolution to increase maximum directors' fees by $800,000 to $2.2 million.

That's because the accounting software company hasn't provided an independent report to justify the increase and because the notice of meeting didn't include the amounts payable to individual directors.

"We are concerned on both points as regards the governance principles of disclosure and transparency," NZSA says in its advice to members on how it will vote any proxies it receives.

"This prevents shareholders from being able to make an informed decision."

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