126 Cameron Road
Papakaio 9494
North Otago
Ph: 03 431 7700

2017 AGM

Notice of Meeting

Notice is hereby given that the Annual General Meeting of the Lower Waitaki Irrigation Company Limited will be held at the Lower Waitaki Golf Club on the

20th day of September 2017 at 7.30pm.

Agenda

  1. Welcome
  2. Apologies
  3. Election of Directors – Mr R Plunket retires by rotation and is seeking re-election. Mr P Borrie retires by rotation and is seeking re-election.
  4. Special Shareholder Resolution (see over page)

That pursuant to Sec 207I of the Financial Reporting (Amendments to Other Enactments) Act 2013, that Lower Waitaki Irrigation Company Ltd shall opt out of compliance with Section 201(preparation of financial statements that comply with generally accepted accounting practice) in relation to the accounting period ended 30 June 2018.

  1. Minutes of the previous Annual General Meeting
  2. Matters arising from the minutes
  3. To receive and approve the chairman’s / directors’ report for the year ended 30 June 2017
  1. To receive and approve the financial statements and auditor’s report for the year ended 30 June 2017
  1. To appoint Audit Professionals as auditor for the ensuing year and to authorise the directors to fix the remuneration of the auditor
  2. General Business To transact any other business which may be brought forward per the Constitution of the company.
  1. Announcement of results – Election of Directors.

 

By Order of the Board

Moira Bishop

Company Administrator

Oamaru

Email: moira@lowerwaitakiirrigation.co.nz

Special Resolution of Shareholders

Sec 201 of the Financial Reporting (Amendments to Other Enactments) Act 2013 requires the company to prepare financial statements that comply with generally accepted accounting practice.

Our auditor, Audit Professionals, advised that under generally accepted accounting practice the company should prepare financial statements that are compliant with International Financial Reporting Standards (IFRS).

Of course the company needs to prepare financial statements that meet the needs of all readers of the accounts, we are confident the current financial statements are adequate.

It is difficult to see the benefit of any increased level of reporting for shareholders, given it comes with a significantly increased compliance cost, both in terms of accountancy and audit fees.

There is an option under Sec 207I of the Financial Reporting (Amendments to Other Enactments) Act 2013 to opt out of compliance with Section 201. To do so requires, at a meeting of the shareholders, a resolution to be passed by not less than 95% of the votes of shareholders entitled to vote and voting at that meeting.

It will be necessary to pass this resolution at future Annual General Meetings.

If you have any questions in relation to the proposed resolution please contact Fraser McKenzie, McKenzie & Co, in the first instance, fraser@mckenzieca.co.nz or 03 434 7944.

 

Honours presented to Waitaki pair

 

A pair of Waitaki residents recognised in this year’s Queen’s Birthday Honours List were presented with their awards in Wellington last week.

David Higgins (Officer of the New Zealand Order of Merit), upoko runanga for Moeraki, and David Finlay (Queen’s Service Medal) received their honours from Governor-General Dame Patsy Reddy in front of gathered guests at Government House.

A citation that appeared in the Otago Daily Times on June 5 said Mr Higgins, who was decorated for services to Maori, never thought he would receive such a high honour for his work.

He was part of the team that took on the Crown and finished Ngai Tahu Whanui’s settlement in the late 1990s – a process his ancestor Tiramorehu began in 1849 when he sent a letter of complaint to the governor of the day.

Mr Higgins, of Palmerston, was the Arowhenua member of the Ngai Tahu Maori Trust Board that lodged the Ngai Tahu claim before the Waitangi Tribunal in 1986.

He was proud of the role he played and said Ngai Tahu had gone from strength to strength since its win.

“We built up a formidable team that presented the evidence. We did it because our ancestors expected us to do it.”

He was a key player in gathering much of the fisheries evidence that was presented to the tribunal and his efforts in leading the Ngai Tahu Fishing Company resulted in Ngai Tahu having a substantial financial base prior to the settlement of the iwi’s claims with the Crown.

His advice for any group going up against an adversarial power was to persevere, stay true to one’s self and have a team of dedicated people.

In 2000, he was appointed as the Department of Conservation’s Pou Kura Taiao for the Canterbury Conservancy.

Mr Higgins has retired as the Moeraki representative on Te Runanga o Ngai Tahu after two terms this year.

For Mr Finlay, his nomination, for services to irrigation and sport, “came out of the blue”.

Great moment . . . David Finlay, of Oamaru, with Dame Patsy after receiving his Queen’s Service Medal. PHOTO: SUPPLIED

“When you’re working hard at something .. you have your head down and you go from day to day thinking about things,” he said.

“You never think that someone’s going to sing out to you, ‘Well done”‘.

Mr Finlay served for 41 consecutive years on the committee of the Lower Waitaki Irrigation scheme and company board and in the 1990s, he helped the North Otago Irrigation Company get off the ground.

“It’s a pain at the start .. it’s not easy, but for the community, the benefit is quite enormous – forever.”

In 1976, he helped to develop the Lower Waitaki Golf Club, where the golf course’s irrigation was “way ahead of its time”, and he served as president for four years. He still marvelled at “the power of the community out there that built that thing”.

He was involved with North Otago Federated Farmers for a “very long time” and served a two-year term as the meat and wool chairman.

Mr Finlay coached rugby at provincial and school levels and held administrative roles for North Otago rugby.

2016 AGM

Notice of Meeting

Notice is hereby given that the Annual General Meeting of the Lower Waitaki Irrigation Company Limited will be held at the Lower Waitaki Golf Club on the

21st day of September 2016 at 7.30pm.

Agenda

  1. Welcome
  1. Apologies
  1. Election of Directors – Mr M Kingsbury retires by rotation and is seeking re-election. Mr A Verbakel retires by rotation and is not seeking re-election.

 

  1. Special Shareholder Resolution (see over page)

That pursuant to Sec 207I of the Financial Reporting (Amendments to Other Enactments) Act 2013, that Lower Waitaki Irrigation Company Ltd shall opt out of compliance with Section 201(preparation of financial statements that comply with generally accepted accounting practice) in relation to the accounting period ended 30 June 2016.

 

  1. Minutes of the previous Annual General Meeting
  1. Matters arising from the minutes
  1. To receive and approve the chairman’s / directors’ report for the year ended 30

June 2016

  1. To receive and approve the financial statements and auditor’s report for the year

ended 30 June 2016

  1. To appoint Audit Professionals as auditor for the ensuing year and to authorise the directors to fix the remuneration of the auditor
  1. To authorise and fix the directors’ remuneration.
  1. General Business

To transact any other business which may be brought forward per the Constitution of the                 company.

  1. Announcement of results- Election of Directors.

 

By Order of the Board

Moira Bishop

Company Administrator

Oamaru

Email: moira@lowerwaitakiirrigation.co.nz

 

Special Resolution of Shareholders

 

Sec 201 of the Financial Reporting (Amendments to Other Enactments) Act 2013 requires the company to prepare financial statements that comply with generally accepted accounting practice.

Our auditor, Audit Professionals, advised that under generally accepted accounting practice the company should prepare financial statements that are compliant with International Financial Reporting Standards (IFRS).

There is an option under Sec 207I of the Financial Reporting (Amendments to Other Enactments) Act 2013 to opt out of compliance with Section 201. To do so requires, at a meeting of the shareholders, a resolution to be passed by not less than 95% of the votes of shareholders entitled to vote and voting at that meeting.

Of course the company needs to prepare financial statements that meet the needs of all readers of the accounts, we are confident the current financial statements are adequate.

The 2015 Annual Report for the company was 22 pages, including 6 pages of Notes to the Financial Statements.

When we compare this to comparable irrigation companies reporting under IFRS, we see Annual Reports of 40 – 45 pages, with Notes to the Financial Statements comprising 30 pages.

For those companies, we also analysed their costs for the last 4 years, accountancy fees ranged from $27,000 – $53,000 with audit fees in the range of $8,500 – $16,000.

In comparison LWIC fees were: accountancy $12,000, audit $3,700.

It is difficult to see the benefit of this increased level of reporting for shareholders, given it comes with a significantly increased compliance cost.

It will be necessary to pass this resolution at future Annual General Meetings.

If you have any questions in relation to the proposed resolution please contact Fraser McKenzie, McKenzie & Co, in the first instance, fraser@mckenzieca.co.nz or 03 434 7944.