Fund Manager Dissent Analysis

When NZ Super Fund votes against management recommendations, it signals governance concerns worth investigating. This page analyses dissent patterns by resolution category, company, and year to surface notable voting behaviour.

AGAINST Votes

5.5%

Dissent Rate

Companies Targeted

2018-2026

Years Covered

Dissent by Resolution Category

Category	AGAINST	Total Votes	Dissent Rate
Director Election	54	838	6.4%
Remuneration	14	429	3.3%
Share Issuance	8	55	14.5%
Other	2	117	1.7%
Scheme/Takeover	1	10	10%

Dissent Trend by Year

Year	Total Votes	AGAINST	Dissent Rate
2018	183	8	4.4%
2019	229	12	5.2%
2020	110	8	7.3%
2021	172	13	7.6%
2022	196	8	4.1%
2023	175	8	4.6%
2024	186	16	8.6%
2025	191	6	3.1%
2026	7	0	0%

Most Targeted Companies

Company	AGAINST	Total Votes	Dissent Rate
Hallenstein Glasson Holdings LimitedHLG	8	25	32%
Aroa Biosurgery Limited	7	15	46.7%
Mainfreight LimitedMFT	6	25	24%
EBOS Group LimitedEBO	5	28	17.9%
Ryman Healthcare LimitedRYM	5	33	15.2%
Goodman Property TrustGMT	4	18	22.2%
Channel Infrastructure NZ LimitedCHI	4	21	19%
EBOS Group Ltd.EBO	4	6	66.7%
New Zealand King Salmon Investments Ltd.NZK	3	36	8.3%
Skellerup Holdings LimitedSKL	3	24	12.5%
Vista Group International LimitedVGL	3	26	11.5%
Restaurant Brands New Zealand LimitedRBD	3	9	33.3%
Tower LimitedTWR	2	22	9.1%
Xero Limited	2	33	6.1%
Argosy Property LimitedARG	2	16	12.5%
Sanford LimitedSAN	1	19	5.3%
SKY Network Television LimitedSKT	1	30	3.3%
Auckland International Airport LimitedAIA	1	20	5%
Fletcher Building LimitedFBU	1	22	4.5%
Stride Property GroupSPG	1	40	2.5%

All AGAINST Votes

79 votes

Company	Ticker	Date	Resolution	Category	Mgmt Rec
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2025	Elect Malcolm Ford as Director	Director Election	For
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2025	Elect Malcolm Ford as Director	Director Election	For
Goodman Property Trust	GMT	28 Aug 2025	Elect John Dakin as Director	Director Election	For
Xero Limited		21 Aug 2025	Approve Remuneration Report	Remuneration	None
Turners Automotive Group Limited	TRA	21 Aug 2025	Elect Grant Baker as Director	Director Election	For
Channel Infrastructure NZ Limited	CHI	23 May 2025	Elect Karl Barkley as Director	Director Election	Against
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2024	Elect Warren Bell as Director	Director Election	For
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2024	Elect Graeme Popplewell as Director	Director Election	For
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2024	Elect James Glasson as Director	Director Election	For
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2024	Elect Warren Bell as Director	Director Election	For
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2024	Elect Graeme Popplewell as Director	Director Election	For
Hallenstein Glasson Holdings Limited	HLG	10 Dec 2024	Elect James Glasson as Director	Director Election	For
Comvita Limited	CVT	30 Oct 2024	Appoint KPMG as Auditors and Authorize Board to Fix Their Remuneration	Remuneration	For
EBOS Group Limited	EBO	23 Oct 2024	Elect Elizabeth Coutts as Director	Director Election	For
EBOS Group Limited	EBO	23 Oct 2024	Approve the Increase in Maximum Aggregate Remuneration of Non-Executive Directors	Remuneration	For
Fletcher Building Limited	FBU	23 Oct 2024	Elect Cathy Quinn as Director	Director Election	For
Xero Limited		22 Aug 2024	Approve Remuneration Report	Remuneration	None
Mainfreight Limited	MFT	25 Jul 2024	Approve Retirement Payment to Richard Prebble	Other	For
AROA BIOSURGERY LIMITED		23 Jul 2024	Approve Issuance of Shares to Darla Hutton	Share Issuance	For
Channel Infrastructure NZ Limited	CHI	30 Apr 2024	Approve Suspension of Decommissioning of Marsden Point Refinery, Budget Allocation to Report, Direct Management to Issue Proposal Requests and Seek Invitations for Tender and Provision of Report for Consideration at a Special Meeting	Other	Against
Channel Infrastructure NZ Limited	CHI	30 Apr 2024	Elect Karl Barkley as Director	Director Election	Against
Channel Infrastructure NZ Limited	CHI	30 Apr 2024	Elect Daniel Reurich as Director	Director Election	Against
EBOS Group Limited	EBO	24 Oct 2023	Approve the Increase in Maximum Aggregate Remuneration of Non-Executive Directors	Remuneration	For
Auckland International Airport Limited	AIA	17 Oct 2023	Elect Julia Hoare as Director	Director Election	For
Aroa Biosurgery Limited		3 Aug 2023	Elect John Diddams as Director	Director Election	For
Aroa Biosurgery Limited		3 Aug 2023	Approve Grant of Options to Catherine Mohr	Share Issuance	For
Mainfreight Limited	MFT	27 Jul 2023	Elect Bryan Mogridge as Director	Director Election	For
Property For Industry Limited	PFI	29 Mar 2023	Elect Anthony Beverley as Director	Director Election	For
Pushpay Holdings Limited		3 Mar 2023	Approve Scheme of Arrangement in Relation to the Proposed Acquisition of the Company by Pegasus Bidco Limited	Scheme/Takeover	For
Tower Limited	TWR	28 Feb 2023	Elect Michael Stiassny as Director	Director Election	For
Aroa Biosurgery Limited		10 Aug 2022	Approve Grant of Share Options to James McLean	Share Issuance	For
Aroa Biosurgery Limited		10 Aug 2022	Approve Grant of Share Options to Steven Engle	Share Issuance	For
Aroa Biosurgery Limited		10 Aug 2022	Approve Grant of Share Options to Philip McCaw	Share Issuance	For
Aroa Biosurgery Limited		10 Aug 2022	Approve Grant of Share Options to John Pinion	Share Issuance	For
Aroa Biosurgery Limited		10 Aug 2022	Approve Grant of Share Options to John Diddams	Share Issuance	For
Mainfreight Limited	MFT	28 Jul 2022	Elect Don Braid as Director	Director Election	For
Goodman Property Trust	GMT	8 Jul 2022	Elect Keith Smith as Director of the Manager	Director Election	For
New Zealand King Salmon Investments Ltd.	NZK	27 Jun 2022	Elect Carol Chen as Director	Director Election	For
Chorus Ltd.	CNU	27 Oct 2021	Elect Patrick Strange as Director	Director Election	For
Skellerup Holdings Limited	SKL	27 Oct 2021	Elect John Strowger as Director	Director Election	For
Skellerup Holdings Limited	SKL	27 Oct 2021	Approve the Increase in Non-Executive Directors' Fee Pool	Remuneration	For
EBOS Group Limited	EBO	19 Oct 2021	Elect Elizabeth Coutts as Director	Director Election	For
EBOS Group Limited	EBO	19 Oct 2021	Approve the Increase in Maximum Aggregate Remuneration of Non-Executive Directors	Remuneration	For
Stride Property Group	SPG	23 Sept 2021	Approve the Increase in Maximum Aggregate Remuneration of Directors	Remuneration	For
Mainfreight Limited	MFT	29 Jul 2021	Elect Richard Prebble as Director	Director Election	For
Pacific Edge Limited	PEB	29 Jul 2021	Elect Anatole Masfen as Director	Director Election	For
Ryman Healthcare Limited	RYM	29 Jul 2021	Elect Warren Bell as Director	Director Election	For
Ryman Healthcare Limited	RYM	29 Jul 2021	Elect Jo Appleyard as Director	Director Election	For
Ryman Healthcare Limited	RYM	29 Jul 2021	Approve the Increase in Maximum Aggregate Remuneration of Directors	Remuneration	For
Vista Group International Limited	VGL	26 May 2021	Elect Susan Peterson as Director	Director Election	For

Data sourced from publicly available records. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.