2024 ASM results

channelnz.com

NZX RELEASE
30 April 2024

Results of 2024 Annual Shareholder Meeting and comments from Chair
At the 2024 Annual Shareholders Meeting of Channel Infrastructure NZ Limited held on 30 April 2024 at
Sky Stadium, and online, shareholders were asked to vote on seven resolutions.
As required by NZX Listing Rule 6.1, all voting was conducted by a poll. The voting results were:
Resolution For % Against % Abstain
1. That Directors be authorised to fix the fees
and expenses of Ernst & Young as auditors
to the Company for the financial year ending
31 December 2024
229,320,898 99.85 353,089 0.15 336,529
2. That Ms. Vanessa Stoddart, who retires by
rotation in accordance with clause 8.9 of the
Constitution, be re-elected as a Director of
the Company.
221,141,362 99.28 1,600,468 0.72 7,298,686
3. That Mr. Andrew Brewer, who retires in
accordance with clause 8.8 of the
Constitution, be elected as a Director of the
Company.
228,359,014 99.37 1,446,121 0.63 235,378
4. That Ms. Felicity Underhill, who retires in
accordance with clause 8.8 of the
Constitution, be elected as a Director of the
Company.
228,135,068 99.35 1,491,481 0.65 409,883
5. a. That all work on the decommissioning of
the Marsden Point Refinery be suspended
once the safety of staff and contractors have
been addressed, pending the delivery of an
independent report by an appropriately
qualified engineering firm, on the costs,
benefits and estimated schedule of
reinstating the refinery to operating
capability, assuming market conditions,
including operating costs and customer
demand, that were in effect across 2017.
b. That such report be allocated a budget of
NZ$100,000 with a delivery time of 6
months from the time the contract is let.
c. That the Board direct management to
issue a request for proposals and seek
invitations for tender for consideration
within 2 months of the meeting date (30
April 2024).
d. That the report be provided to all
Shareholders with a recommendation from
Management for consideration at a Special
Meeting to be called within 25 working days
of receipt of the Report.
2,479,438 1.08 227,091,646 98.92 469,432

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6. That Mr Karl Barkley, who is nominated as a
director by a Shareholder of the Company in
accordance with Listing Rule 2.3.1, be
elected as a Director of the Company.
2,115,541 0.92 227,455,842 99.08 469,133
7. That Mr Daniel Reurich, who is nominated
as a director by a Shareholder of the
Company in accordance with Listing Rule
2.3.1, be elected as a Director of the
Company.
2,074,233 0.90 227,500,842 99.10 461,357

The vote counting was undertaken by the company’s share registrar, Computershare, and scrutineered by
the independent auditor, EY.
Commenting on today’s Annual Shareholder Meeting, Channel Infrastructure Board Chair, James Miller,
said: “We welcomed a number of shareholders to our ASM today, and it was great to see such interest in
the company’s performance and its strategic direction. We had a significant number of resolutions to
discuss, and there was good discussion in the room. With around 60% of shares on issue being cast on
today’s resolutions, this is the highest vote participation since shareholders voted to convert to an import
terminal.”
“Like many of our shareholders, we are supportive of an investigation by the Government into New
Zealand’s fuel security. We are working hard to improve resilience for our customers by increasing
available storage tanks, and focusing on world-class delivery of import terminal services. We remain
committed to playing our part in supporting the energy transition in New Zealand by enabling the
decarbonisation of transport fuels.”
“During the meeting, shareholders were also overwhelmingly in support of the re-election of Vanessa
Stoddart as a director, and the election of Channel’s newest Board members, Andrew Brewer and Felicity
Underhill. In the past few years, as our business has undergone significant transition, the Board has also
been going through a planned period of succession and renewal to ensure we have the right skills and
experience at a governance level to help take our company forward. With a combined total of more than
100 years’ experience in the fuel supply chains sectors, combined with world-class expertise in future
fuels, we are confident we have this balance right.”
- ENDS -
Authorised by
Chris Bougen
General Counsel and Company Secretary
email: Chris.Bougen@channelnz.com

Contact details
Investor Relations contact:
Anna Bonney
email: investorrelations@channelnz.com

Media contact
Laura Malcolm
email: communications@channelnz.com

channelnz.com
About Channel Infrastructure
Channel Infrastructure’s vision is to be a world-class infrastructure company, delivering resilient infrastructure
solutions to help meet changing fuel and energy needs.
Channel Infrastructure’s assets are a critical part of the Northland and Auckland fuel supply chain, supporting the
delivery of around 40% of New Zealand’s transport fuel demand and all of the jet fuel to the Auckland International
Airport. Utilising the deep-water harbour and jetty infrastructure at Marsden Point, as well as 280 million litres of
storage tanks, and the 170-kilometre pipeline from Marsden Point to Auckland we receive, store, test and distribute
fuel owned by our customers. Channel Infrastructure’s wholly-owned subsidiary, Independent Petroleum Laboratory
Limited, provides fuel quality testing services at Marsden Point and around New Zealand.
Channel Infrastructure will seek to support New Zealand’s decarbonisation ambitions, by utilising our strategically-
located assets and our expertise in supply chain infrastructure. The Company remains focused on its future growth
opportunities at the Marsden Point site and beyond, including additional fuel storage to support fuel security and
studies underway with partners on hydrogen and sustainable aviation fuel opportunities.
For more information on Channel Infrastructure, please visit: www.channelnz.com