LIC Annual Meeting Presentation

Tēnā koutou kua huihui mai nei
E mihi ana ki ngā mana whenua
Nō Mohua ahau
E mahi ana au hei Chairman ki LIC
Ko tēnei taku mihi ki ngā tāngata whenua o te rohe nei
Ko Corrigan tōku ingoa
Nō reira, tēnā koutou katoa.

Good evening, everyone, my name is Corrigan Sowman, and I am your Board Chair. I
would like to welcome you to this year’s AGM. Joining me this evening is our CE David
Chin and our CFO Brent Mealings. I have apologies from SRG members Shaun Baxter
and Andrew Wiffen and also Ian Brown, Ellen Barlett and Gordon Glentworth from the
Honoraria.

While he couldn’t join us tonight, I would like to take this opportunity to thank Ian, who
is stepping down at this meeting, for all the work he has done to support LIC during his
term. I would also like to thank our outgoing Directors, Ben Dickie and Tim Gibson and
outgoing SRG Chair, Mark Hooper. The time you have all given to this co-operative is
much appreciated.

Before we get into the substance of today’s meeting, I want to take a moment to thank
you, our farmers. Every one of you plays a role in making this cooperative what it is. As
David and I often discuss, genetic gain doesn’t start or end with the lab or the straw. It
happens because of the choices our farmers make; it’s because of your commitment to
using our services that we can deliver results and create added breeding value that
stays on farm. I’d like to hand over to Brent now to discuss our FY25 results in more
detail.

Thank you, Corrigan, turning now to our recent financial highlights.

Revenue was up over 10% with over half the increase driven by volume growth, with
sexed semen up 26% and a 30% increase in animal health, driven by Johnes in
particular. Other strong performers were Herd Testing and International, up 9% and 3%
respectively year on year.

This strong revenue performance contributed to a significant increase in Net Profit after
tax. Net Profit after tax was also positively impacted by an increase in valuation of the
Bull Team, reversing a negative valuation change in the previous financial year.

The Directors declared a 12.22 cents per share final dividend, representing a fully
imputed $17.4m cash distribution to LIC’s shareholders.

Last year’s underlying earnings result was negatively impacted by two significant one-
off events totalling just over $5m. These events were the semen quality issue and the
removal of the tax deductibility on commercial buildings.

Excluding the impact of the one-off events, your co-op converted the 10% increase in
revenue into a 15% improvement in underlying earnings compared to last year.
The co-op continued to invest into R&D, representing 8% of revenue and a 6% increase
on last financial year.

We will continue to focus on delivering consistent financial results ensuring the ongoing
financial resilience of the Co-operative through different stages of the commodity cycle.
The strength of our underlying cash generation and balance sheet provides the fuel to
continue to invest in the business, technology enablement and R&D. It also provides the
optionality to pay a consistent dividend to our farmer shareholders.

This financial year, we anticipate underling earnings to be in the range of $18-22m,
assuming no significant events or milk price changes. As David will cover later, the co-
op is investing into a multi-year programme to replace legacy systems and improve
customer facing systems. This investment is predominantly into Software as a Service
tool, the costs of which are generally expensed as incurred. Reported Net Profit After
Tax will be negatively impacted by the implementation costs incurred within a given year
but excluded from Underlying Earnings.

We will of course remain focused on our controllable costs and ensuring our ongoing
capital investments are well considered.
We are excited to share that improvements are planned for LIC share trading before the
end of 2025 enabled by Sharesies.

This is an early example of where we’re investing in better systems and processes that
make it easier to do business with LIC. David will now provide some more context on
these results.

Kia ora everyone and thank you Brent.

Let’s start with animal health – because healthy cows are productive cows, and that’s
where your profits are made. Over the last decade we’ve invested heavily in animal
health testing – Johne’s disease and BVD in particular. Johne’s testing has now identified
over 166,000 antibody positive animals. That’s huge number of cows that could have
silently dragged down herd performance, and they are now removed from herds.

Importantly, prevalence is falling – meaning our collective investment is changing the
trajectory of the disease in New Zealand.

On BVD, we’ve systematically reduced the number of herds with Persistently Infected
animals. PI calves are the hidden cost centres on farm – they spread the virus, cause
empty cows, and sap production. By helping farmers find and remove those animals,
we’re lifting efficiency and productivity across the sector. This is a great example of the
co-operative principle in action: we invest together, the benefits land back inside your
farm gate.

Next, let’s talk about one of the most powerful examples of genetics delivering real
dollars back on farm – short gestation.
Our short gestation length product allows farmers to bring calving forward by around 12
days. That may not sound like much – but across the herd it translates into more days in
milk, and as we know, more days in milk equals more milk in the vat. Over time this has
added up to over 12.8 million additional kilograms of milksolids for New Zealand
farmers. At a $10 payout, that’s an additional $128 million in revenue – generated simply
by smarter genetics. And this is a product that continues to grow in use, as farmers look
for ways to tighten calving patterns, reduce empties, and keep herds efficient.

Another area where your co-operative has invested strongly is in genomics.
By building the largest genotype reference population in the country – now well over 1
million genotypes – we’re able to predict the genetic merit of animals at a much younger
age, and with greater accuracy. That means we can make better breeding decisions,
faster. It accelerates the rate of genetic gain across the national herd. This is a long-term
investment – the more animals we genotype, the more accurate our evaluations
become, and the more value flows back to you as farmers.

Let’s zoom out and look at the big picture – what all these investments have achieved
together over time. This is a bit of a case study of the Holstein Friesian breed in NZ. Over
the last 30 years, we’ve seen extraordinary progress: +52kg fat and +39kg protein added
through breeding. And while the absolute amount of fat and protein has increased, so
has the milksolids percentages Fat% lifted from 4.1% to 4.8%, Protein% from 3.3% to
3.8%. Our elite Holstein Friesian bulls are now producing herds with milk solids over
9.5% – a world-class result. These improvements don’t happen overnight – they are the
compounding result of small, consistent gains each year. It’s a story of long-term
investment paying off, and it’s one of the key reasons LIC exists as a co-op: so, we can
capture these benefits for New Zealand farmers, not for offshore shareholders.

So, what does this all add up to?

In 2025, the estimated value we’ve left behind the farm gate through LIC’s products and
services is $655 million – up from $391 million in 2020. To put it simply: the majority of
the value you gain from LIC doesn’t show up in our P&L. It shows up in your herds, in the
vat, and in your productivity. That’s the co-operative difference – we exist to deliver
value on your farm, not just profits in our accounts.

As a cooperative we are really focused on helping farmers to cut down on paperwork, a
good example of this is through our integrations with MINDA. We are seeing demand for
third parties continuing to increase and our investment into data sharing is benefiting
the wider industry. We currently have 13 business partners connected into our
ecosystem with another seven in the works.

And we’re not stopping there. The next frontier is breeding cows that produce less
methane. We’ve completed the first two stages of our methane research programme,
and we’re now in stage three – testing whether the low-methane trait continues to
express during lactation. To do this, we’ve invested in a dedicated methane research
facility on our innovation farm – the first of its kind in the Southern Hemisphere.
The opportunity here is massive: if we can breed cows that are both productive and
lower-emitting, we future-proof the New Zealand dairy sector. This is another example
of LIC investing today so that our farmers have the tools they need tomorrow. I’ll now
hand back to Corrigan to talk about the importance of our generational co-operative.

Thank you, David. Preparing our co-operative for tomorrow is one of the things which
was firmly at the front of the board’s mind when we were looking to refresh our strategy.
We want to ensure LIC stands out as a generational co-operative, one that is supporting
farming families, like mine, both now and in the future.

Over the last decade, the global genetics industry has consolidated. Fewer players,
bigger corporates, and more private ownership. In many parts of the world, the link
between farmers and genetics providers has weakened. This changes the dynamic, not
just in price, but in the priorities of the products offered. Here in New Zealand, we’re
different. Only a small portion of the world’s milk is produced from pasture-based
systems, and even less from truly seasonal grass-based systems like ours. That makes
our cows unique, our systems unique and our roles as farmers unique. The job of
breeding a productive, resilient herd in this environment – is unique too.

That is why our co-operative exists. LIC was formed 115 years ago to meet the needs of
our New Zealand farming system - not someone else’s. That means our genetics, our
software our testing and our services have to deliver value where it counts: inside our
farm gates. We are, and must always remain, deeply focused on protecting that core.

The core is the day-to-day job our farmers do: raising animals which thrive in pasture-
based environments, which get in calf easily and which produce efficiently and reliably.
That’s our core, that’s where value is created.

However, protecting this core doesn’t mean standing still. The best way to honour our
legacy is to build on it, much like our world-class genetics, we must always be evolving.
That means investing in areas that make a difference: on-farm software that makes data
easier to manage; genetics that respond to changing environmental and processor
expectations; tools that reduce labour and help farmers farm smarter. Protecting the
core and focusing on the future also guides our finances, we are very aware of our
balance sheet. We are focused on getting our investment priorities right, and that
means spending for today while also saving for tomorrow. It’s not just about what we
deliver this year – it’s about ensuring we have the foundation to deliver for next year and
the one after that and in turn for the next generation, for my kids, and yours.

As a farmer myself, this is personal. It’s not just about business – it’s about ensuring our
farm, and farms like it, remain viable, productive and fulfilling places to work. That’s
what being a generational cooperative means and that’s what sets us apart.
Right now, we’re seeing some good momentum. Our processors want more data to
support their market claims. Banks are taking renewed interest in on-farm performance.
Farm technology is accelerating. All of this creates new demand and exciting
opportunities for our co-operative.

But we are also facing increasing competition. Global players are moving fast, and at
some point, they may turn their focus to New Zealand. That means we need to be
sharper, winning not just on product, but also on service and on trust, we need to
operate in a way that makes our farmers want to work with us.
When LIC was formed, it was to solve common problems facing farmers. How to test
and select better cows. How to share genetic gains across farms. How to improve
productivity for everyone – faster and together.

That purpose hasn’t changed. But the environment around us has.
We’re seeing generational change. Many of today’s farmers don’t remember the "why"
behind the cooperative. They see the products, but not the decades of collective
investment that built them. That’s our opportunity – to re-tell that story, to make the
value visible, and to make the experience of using LIC’s tools and genetics as rewarding
and easy as possible.

Our strategy refresh is about exactly that. It’s about sharpening our focus – aligning our
energy and resources to the things that truly matter for our farmers, so we can reinvest
and do it again next year, and the year after that.

The Board has been closely involved in this process. We are strongly supportive of
where the leadership team has taken it. David will shortly take you through the detail –
but I want to say clearly that we believe this strategy sets the cooperative up in a way
which protects what matters, while also positioning us to compete and win into the
future.

For me, as a generational farmer, that’s what counts. If LIC is strong, my farm has a
better chance of being strong. If our cooperative thrives, our sector thrives. So, thank
you again for being part of that journey., your support is making a difference, and it
matters.
With that, I’ll hand over to David to take us through the next chapter of our strategy.

Thanks Corrigan. Let’s take a look at the bigger picture we’re all operating in.
Agriculture globally is under pressure. We need to feed a growing population, while also
lifting farm productivity and profitability. That challenge is playing out right here in New
Zealand too – our farmers are expected to produce more, with less: greater emphasis on
emissions, reduced fertiliser applications, stricter labour and animal welfare
requirements. LIC’s role is clear: to make sure that through genetics, animal health, and
farm technology, we help our farmers meet this challenge head-on.

But it’s not just about producing more milk. It’s about how we do it. As an industry we
must protect our social licence to operate – which means reducing emissions intensity,
reducing nutrient loading, and safeguarding our ecosystems. These aren’t just
regulatory requirements, they’re market requirements – our customers offshore want to
know New Zealand milk is the most sustainable in the world. That’s why investments
like methane research and Johne’s testing matter – they keep our farmers ahead of the
curve.

We believe the herd of the future needs to be highly efficient, aligned to the needs of our
consumers and processors lower emitting and fit for purpose. So, what’s LIC’s job in all
this? Our strategy is laser focused on Herd Improvement - breeding great, efficient cows
and doing this faster. It’s the day-to-day job you do on farm: raising cows that thrive on
pasture, get in calf easily, and produce efficiently. Everything we invest in – from
genetics to software to animal health – must support that mission. If we get that right,
value flows back to you, and New Zealand dairy stays globally competitive.

That’s what our strategy refresh is all about. Sharpening our focus. Deploying our
resources to the things that truly matter on farm and creating the financial strength to
reinvest again next year, and the year after that. The Board and Leadership team are
aligned on this – and we believe this strategy positions LIC to compete and win into the
future. We believe this strategy is about investing for today and tomorrow – balancing

short-term delivery with long-term resilience. I now want to unpack our five areas of
focus that will deliver NZ farmers world leading herd improvement.

Let me start with something very important – how we serve you, our farmers.
LIC has always been about delivering value on farm, but we know we can’t stop
improving the way we work with you. That’s why we’re putting farmer needs at the heart
of every decision we make. We’re investing in better systems and processes that make it
easier to do business with LIC. We’re gathering and using customer insights more
deliberately – making sure we’re working on the right things, the things that matter most
to farmers. Because at the end of the day, this is your co-op. If we’re not meeting your
needs, we’re not doing our job.

But it’s not just about what we deliver, it’s how we deliver it. Farmers want a service that
is consistent where it counts, and flexible where it matters. That means you can rely on
us to be there, season after season, with the core services you depend on – whether it’s
AB, herd testing, or MINDA. But it also means giving you flexibility – breeding options
that suit your herd goals, tools that fit with your farm systems, and support that
recognises one size does not fit all. Our investment in customer experience is about
striking that balance – consistent delivery, combined with the flexibility that makes your
life easier.

Of course, the core of what we do is genetics – and here, too, we’re focused on
delivering more value back to farm. We’re building smarter breeding programmes that
help farmers be more precise and purposeful. That means using the right mix of
conventional semen, sexed semen, beef genetics, and short gestation length semen.
It’s about breeding with intent – not just getting cows pregnant but getting them
pregnant the genetics that unlock the most value for your farming system. Better
breeding decisions create stronger, more productive herds, and that translates directly
into better profitability on farm.

Alongside genetics, we’re also looking at the next wave of testing solutions. We want to
do more than predict performance – through genomic testing and other innovations, we
want to predict health issues before they arise. Every milk sample, every ear punch,
should be giving farmers more data – not just on production and performance, but on
animal health and resilience. And this is not something LIC will do alone – we’re
committed to collaborating more with dairy vets and other partners to minimise disease
on farm and lift overall herd performance. This is about turning today’s testing into
tomorrow’s insights – helping farmers make decisions with more confidence and more
speed.

Right now, we’re seeing real momentum in our industry. Processors want more data to
support sustainability claims. Banks are more interested in farm performance. Farm
technology is advancing rapidly. All of this creates demand for LIC’s tools and services
And when we talk about insights, MINDA is the hub that brings it all together. Our goal is
to connect more test data seamlessly into MINDA – so the information you need to
make breeding, culling, and health decisions is right at your fingertips. That means less
time chasing data, and more time acting on it. We will continue to integrate testing,
genetics, and herd management in one place, the decision-making power for farmers
grows exponentially. That’s where we’re heading – a smarter, simpler experience that
makes data truly work for you.

Finally, I want to touch on one more important part of our strategy – our international
business. LIC has always been proudly focused on New Zealand farmers. That will never
change – your farms are at the heart of everything we do.
But our international business is becoming an increasingly important part of our co-op
story. By investing in international markets, we’re strengthening our breeding scheme.
The scale we gain from operating offshore gives us the resources to fund more
innovation – innovation that ultimately benefits every LIC farmer back here in New
Zealand. There’s also huge value in the insights we gather from international markets.
Different farming systems, different genetics pressures, different customer needs – all
of this information feeds back into our programmes. And that accelerates the rate of
genetic gain we can deliver in New Zealand.

Our international strategy is very clear: we are not trying to be everything to everyone.
We are focused on being world-class in pasture-based genetics – because that is where
we believe we can lead the world. Ultimately, international success strengthens LIC at
home. That’s why international growth is not a distraction – it’s a way of future-proofing
the co-op and working to lead in the field of pasture-based dairy genetics, not just here,
but worldwide.

So, let me finish with the big question – why does all of this matter? At the end of the
day, it comes down to one thing: our herds. To stay competitive as New Zealand dairy
farmers, we need high-performing herds – cows that are productive, efficient, resilient,
and bred through world-class breeding programmes. But genetics alone isn’t enough. To
get the best out of our herds, we also need smarter tools – tools that connect data,
insights, and the systems farmers use every day. That’s how we make better, faster
decisions on farm – and that’s how we capture more value in the vat. And above all, this
matters because LIC must remain a strong, generational co-operative. A co-op that’s
easy to work with, that listens to farmers, and that invests not just for today, but for
tomorrow. Because if LIC is strong, your farms are stronger. And if our co-op thrives, our

whole sector thrives. That’s why all of this matters – to be able to deliver world-class
herds, smarter tools, and a co-op built to serve generations of New Zealand farmers.

---

Generations Strong:
Focusing on what matters
LIC Annual Meeting
17
th
September 2025

Haere mai
Corrigan Sowman
Board Chair

03 |
LIC AGM 2025
Using the online platform

Meeting
Agenda
1.Financial Overview
2.Creating Value on Farm
3.Our Generational Co-operative
4.Strategy Refocus
5.Honoraria Report
6.Meeting Resolutions
7.General Business
04 |
LIC AGM 2025

Financial
overview
Brent Mealings
Chief Financial Officer

Financial Highlights
06 |
LIC AGM 2025

Last years’ underlying earnings included two significant
one-off events totalling just over $5m
07 |
LIC AGM 2025
$21.7m
Underlying Earnings
Up from $13.9m last
year
Excluding the one-off events from last year, the 10%
increase in revenue was converted into a 15%
improvement in underlying earnings
Continued investment into R&D, representing 8% of
revenue and a 6% increase on last financial year
A solid financial result for the co-operative

08 |
LIC AGM 2025
Underlying Earnings** ($m)
Operating Cashflow* ($m)
Total Dividends*** per share (cents)R&D Expense* ($m)
* Excludes discontinued
operations - the Automation
business was divested in June
2021.
** Non-GAAP financial
information: excludes bull team
and nil paid share revaluations
and discontinued operations.
*** The full year dividend declared
is paid in the subsequent year,
while special dividends are paid
within the year.
Full year dividend declared
Special dividend paid
Focus on delivering consistent results

Outlook
Underlying earnings for
2025/26 expected to be
in the range of $18-22
million.
Multiyear investment
into customer facing
systems and process
improvements.
09 |
LIC AGM 2025
Improvements
planned for LIC
share trading with
Sharesies.

Creating
value on farm
David Chin
Chief Executive

Detecting the diseases that matter
Johne’s Testing
166,787 antibody positive animals identified.
The prevalence of Johne’s within herds is falling.
Number of herds tested with JD milk ELISA and within-
herd prevalence, 2015/16 to 2024/25
BVD
The number of herds with persistently infected
animals are decreasing.
Number and percentage of BVDV+ herds from 2013/14
to 2024/25
11 |
LIC AGM 2025

12 |
LIC AGM 2025
More Days in Milk from Short Gestation Length
200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
0.0
500,000.0
1,000,000.0
1,500,000.0
2,000,000.0
2,500,000.0
200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
0.0
2,000,000.0
4,000,000.0
6,000,000.0
8,000,000.0
10,000,000.0
12,000,000.0
14,000,000.0
16,000,000.0
Short gestation semen delivered (2018–2024):
•Over 1m additional days in milk each year
•10.7m additional days combined
At 1.2KgMS/day:
•12.8m additional milk solids combined
At $10.00 payout:
•$128.6m in additional revenue
Additional Days in Milk generated from Short
Gestation Length Semen (Beef and Dairy)
Cumulative Days in Milk generated from Short
Gestation Length Semen (Beef and Dairy)

13 |
LIC AGM 2025
Increasing genetic gain
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
Total genotypesGenotypes with phenotypes
Forecast total genotypesForecast genotypes with phenotypes
201620172018201920202021202220232024
0
50
100
150
200
Year
Source: Sample size of 4,700 herds: >80% of progent sired by LIC
bulls (8 years). Herd recording in MINDA with Herd Test ...
gBW
Genetic merit of animals born (average)
•Successful first year of GeneMark® Genomics
•Added a further 520,000 genotypes
•Reference population approaching 1.5m genotypes
•The calves born are getting better each year
Genotype reference populationGenetic gain in LIC herds
Genetic merit of animals born (average)

-80-60-40-20020406080
-60
-40
-20
0
20
40
60
Fat Kg
Protein Kg
Changes in Fat kg BV and Protein kg BV in NZ Friesian Bulls
Source:NZAEL BW Bull File 20 June 2025
1990-19942000-2024
In 30 years we have:
Added 52kg Fat
(moved the Fat BV
from -26kg to +26Kg)
Added 39kg of Protein
(moved the Protein BV
from -18.5kg to +21Kg)
14 |
LIC AGM 2025
The compounding effect of incremental genetic gain

22.533.544.555.56
2.5
2.7
2.9
3.1
3.3
3.5
3.7
3.9
4.1
4.3
4.5
Fat %
Protein %
Changes in Fat% and Protein % in NZ Friesian Bulls
Source: NZAEL BW Bull File 20 June 2025
1990-19942000-2024
In 30 years we have:
Increased Fat % from
4.1% to 4.8%
Increased Protein %
from 3.3% to 3.8%
Our elite Holstein
Friesian bulls now
have milksolid BVs
totalling more than
9.5%
15 |
LIC AGM 2025
The compounding effect of incremental genetic gain

16 |
LIC AGM 2025
↑ Increases value left on farm
↓ Decreases value left on farm
•The total estimated value on
farm delivered by measured
LIC products and services
increased from $391m in
2020 up to $655m in 2025.
•Genetic Gain contributed
78% of the value left on farm
in 2025.
Value on Farm
Summary:
Genetic Gain:
$523m
+$231m
Dairy Beef:
$10.2m
-
Short Gestation Length
Dairy & Beef:
$20.5m
+$9.1m
Johne’s Disease
Testing:
$27.6m
+$10.1m
Efficient Culling on
Production Worth:
$68.6m
+$22.3m
BVD testing:
$4.6m
-$19.5m
Value (vs. 2020)
Up to:
$655m p.a.
+$264m
10% 5-Year CAGR
excl. Dairy-Beef
Product/Service

17 |
LIC AGM 2025
Heat alerts received from Wearables
•Farmer demand to connect MINDA
with 3
rd
parties continues to increase
•Our investment into data sharing over
a modern API platform is benefiting
the wider industry
•13 business partners connected into
our ecosystem with 7 more in the
pipeline
Value of collaboration

18 |
LIC AGM 2025
Future investments
Breeding for lower methane
•There is variation in the sires
•Variation is transmitted to their
daughters
•Variation is still present in the
daughters during lactation

Our
Generational
Co-operative
Corrigan Sowman
Board Chair

Protect the
core
Stay awake to
the present
20 |
LIC AGM 2025
Breeding better
cows faster
Generational
Co-op
Focused on future
opportunities
•Sexed semen
•GeneMark®
•SGL
•Increasing
competition
•Farmer succession
•Global genetic
consolidation
•AI & digital
transformation

•Improving productivity for everyone,
faster and together
•Making the experience of using our
tools and genetics as rewarding and easy
as possible
•Aligning our energy and resources to
the things that truly matter for our farmers
•Reinvesting in R&D so we can continue to
improve for this generation and the next
The valueof a generational co-op
21 |
LIC AGM 2025

Strategy
Refocus
David Chin
Chief Executive

Increase food supply for
a growing population
Increasing food supply, farm
productivity and farmer profits
Balancing Productivity and
Social License
Reduce emissions intensity and nutrient
loading to protect ecosystems
23 |
LIC AGM 2025
The strategic challenge facing global agriculture

24 |
LIC AGM 2025

25 |
LIC AGM 2025

26 |
LIC AGM 2025

27 |
LIC AGM 2025

28 |
LIC AGM 2025

29 |
LIC AGM 2025

30 |
LIC AGM 2025

31 |
LIC AGM 2025

32 |
LIC AGM 2025

What does it all mean
33 |
LIC AGM 2025
Reworked MINDA video to go here – from conference

Honoraria
Report
Shirley Trumper
Honoraria Committee

Meeting
Resolutions
Corrigan Sowman
Board Chair

Item 2:
Resolution to approve
LIC Directors’ remuneration
To receive and consider the LIC Honoraria Committee’s
recommendation as to Directors’ remuneration, and if
thought fit, to resolve by way of ordinary resolution to:
“Approve the total remuneration of all nine Directors to
be a maximum of $812,000 per annum”
37 |
LIC AGM 2025

38 |
LIC AGM 2025
LIC Directors’ remuneration
CurrentRecommended$ Increase
Chair$145,000$150,000$5,000
Director$71,000$74,000$3,000
Discretionary Pool*
$70,000$70,000$0
Total$783,000$812,000$29,000
*Maximum pool available for additional duties and specialist skills, including roles as Committee Chairs.

Item 3:
Resolution to approve LIC Shareholder
Reference Group remuneration
To receive and consider the LIC Honoraria Committee’s
recommendation as to Shareholder Reference Group’s
remuneration, and if thought fit, to resolve by way of ordinary
resolution to:
“Approve the total remuneration of all Shareholder Reference
Group members being increased to $232,500 and the daily
allowance being increased to $500 per day.”
39 |
LIC AGM 2025

40 |
LIC AGM 2025
LIC Shareholder Reference
Group remuneration
CurrentRecommended$ Increase
SRG Chair$42,000$44,500$2,500
SRG Deputy Chair$21,000$23,000$2,000
SRG Member$15,000$16,500$1,500
Total$213,000$232,500$19,500
Daily Allowance*$400$500$100
*Daily Allowance paid for time spent on extraordinary duties.

Item 4:
Resolution to re-appoint KPMG
as external auditor
To consider, and if thought fit, to resolve by way of ordinary
resolution to:
“Re-appoint the chartered accountancy partnership KPMG as the
auditor until the conclusion of the Company’s next Annual Meeting,
and that the Directors be authorised to fix its remuneration.”
41 |
LIC AGM 2025

Item 5:
Resolution to ratify the appointment of
Hamish Rumbold to the Board of Directors
To consider, and if thought fit, to resolve by way of ordinary resolution to:
“Ratify the appointment of Hamish Rumbold as an Appointed Director to
the Board of Directors for a term of two years from the conclusion of this
Annual Meeting.”
42 |
LIC AGM 2025

Item 6:
Resolution to ratify the appointment of
Blair O’Keeffe to the Board of Directors
To consider, and if thought fit, to resolve by way of ordinary resolution to:
“Ratify the appointment of Blair O’Keeffe as an Appointed Director to
the Board of Directors for a term of three years from the conclusion of
this Annual Meeting.”
43 |
LIC AGM 2025

Item 7:
Election of one Elected Director for the
North Island region
To consider, and if thought fit:
“Elect ONE (1) candidate representing the North Island, as an Elected
Director to the Board of Directors for a term of three years from the
conclusion of this Annual Meeting.”
44 |
LIC AGM 2025
Note that only shareholders in the North Island are eligible to vote on this matter.
This matter is determined using First Past the Post, as described at (c) of the Procedural Notes.

General
Business
Corrigan Sowman
Board Chair

Q&A

Ngā mihi