Argosy kicks off board renewal with appointment of Scott Technology chair Stuart McLauchlan

Monday 6th August 2018

Argosy Property has started renewing its board with the upcoming appointment of Scott Technology chair Stuart McLauchlan as a director.

Chair Mike Smith told shareholders at today's annual meeting in Auckland that the board will go through a series of changes in the upcoming year in a renewal process covering "every aspect of diversity from functional skills, gender, ethnicity and geography". To kick off the process, the board will appoint McLauchlan as a director after today's AGM, replacing former Hawkins chief executive Chris Hunter, who retired after five years on the board.

McLauchlan wasn't appointed before the meeting because "the necessary formal external checks on Stuart could not be completed in time for the notice of meeting," Smith said.

"While ensuring that we give due consideration to diversity, we are conscious of our duty as directors to act in the best interests of the company. That focus will dominate all decisions in the selection process," he said.

Three of Argosy's six directors have been on the real estate investor's board for 15 or 16 years, overseeing the transition from an externally managed listed property trust into a corporatised entity with in-house expertise. The board currently has no women.

Smith affirmed guidance for cash dividends to total 6.25 cents in the year ending March 31, 2019, and today declared a first quarter payment of 1.5625 cents, payable on Sept. 26 with a Sept. 12 record date.

The shares were unchanged at $1.095 and have increased 0.9 percent so far this year.

(BusinessDesk)

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