Tēnā koutou e te whānau o Wakatū,
As you will be aware, we held a Special General Meeting in Wellington in March where we shared a great deal of information and discussed important matters that impact the future direction of Wakatū. This approach was a departure from our usual SGM format, where we would usually provide business updates that can also be found in the Annual Report. This change was made to enhance the Board’s transparency and accountability, a direction we’re committed to maintaining.
For our Owners and whānau who couldn’t attend the SGM, below is a brief recap of what was presented:
The changes that have occurred at Wakatū over the last 18 months – what’s taken place, how we got here, and the basis for our decision making.
The financial performance of the business over the last 20 years and the reasoning for the significant changes to the business over the last 18 months.
Our five year-plan and the key performance indicators that will guide our work moving forward.
The changes to our governance and organisational structure that were made to ensure accountability and enhance financial performance.
Our new investment policy, which will guide all Board investment decisions in the future, ensuring our businesses meet clear performance criteria.
A new distribution approach for Owners, which includes the dividend policy.
The Incorporation's future opportunities and challenges, particularly regarding our intergenerational planning framework, Hoea ki Te Pae Tawhiti, our Māori incorporation structure, and our shareholding and decision-making processes, especially regarding Board member elections.
An update on Te Here-ā-Nuku, the Making the Tenths Whole strategy and our ongoing litigation against the Crown. This included an overview of our time in the High Court last year and the judge’s visit to our rohe.
An overview of the purpose and responsibilities of Te Pae Manatū, our cultural board.
Presentations from three members of the Wakatū whānau, which showcased various Manaaki programmes and the positive impact they have had on our whānau.
A Special Resolution proposed to ensure and promote wider Owner and whānau engagement in the decision-making affairs of Wakatū, by making it easier for shareholders to participate in voting for Board members in Wakatū Board elections via postal and online methods, as well as in-person.
Special Resolution outcome
As you may be aware, the Special Resolution did not pass following the request of a poll vote by six shareholders. This meant Owners had to fill out voting forms, which were counted by Election NZ. Due to the amount of time left to count the votes, which is weighted by the number of shares held by a shareholder or whānau trust, we couldn’t announce the results of the vote during the meeting.
In our recent pānui on the outcome of the vote, the Wakatū Board stressed their concerns that a small minority of shareholders, holding majority of shares, prevented the Special Resolution from passing. You can read more about the outcome of the Special Resolution here.
As such, the Board have called for a Special General Meeting on Saturday 11 May 2024 in Nelson to specifically discuss this issue and present the Special Resolution again for consideration in Whakatū. You can read more about the upcoming SGM here.
If you're unable to join us in-person, you can still cast your vote via proxy and have your say on this important decision.
If you are an Owner, you should have received your SGM documents, including your proxy form either by post or by email. If you have not received one, please contact Wakatū House on 03 546 8648 or email korero@wakatu.org
To submit your proxy form, you can email completed forms to proxy@wakatu.org or post to Wakatū Incorporation, PO Box 440, Nelson 7040, Attn: Proxy Officer.
Completed proxy forms must be returned to Wakatū House by 9.00am on Thursday 9 May 2024.
We plan to make the full presentation from the Wellington SGM available to Owners. More information will be provided once the presentation is available to access.
Please contact our team at Wakatū House if you have any further questions.
Mauri ora,
Johnny McGregor
Wakatū Incorporation - Chair