McLauchlan appointed director with Argosy

AUCKLAND: Argosy Property has started renewing its board with the upcoming appointment of Scott Technology chairman Stuart McLauchlan, of Dunedin, as a director.

Chairman Mike Smith told shareholders at yesterday’s annual meeting in Auckland the board would 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 begin the process, the board will appoint McLauchlan as a director after the AGM, replacing former Hawkins chief executive Chris Hunter, who retired after five years on the board.

Mr McLauchlan was not appointed before the meeting because ‘‘the necessary formal external checks on Stuart could not be completed in time for the notice of meeting’’, Mr 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 inhouse expertise. The board currently has no women.

Mr Smith affirmed guidance for cash dividends to total 6.25c in the year ending March 31, 2019, and yesterday declared a firstquarter payment of 1.5625c, payable on September 26 with a September 12 record date.

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