Investors approve AMP NZ Office Trust changes
Updated at 2:07 pm on 21 October 2010
Investors in AMP NZ Office Trust have approved significant changes to the way the listed property landlord will be run.
About 50 investors attended a special meeting in Auckland to vote on proposals to lower management fees, and introduce a board with a majority of independent directors.
All 13 resolutions have been passed, though there was a lot of debate at the meeting, with some investors calling for the trust to manage its own property portfolio, as DNZ Property does and National Property Fund intends doing.
The Accident Compensation Corporation has a 9% stake in the trust, and wanted AMP Haumi Management to be removed as its manager.
ACC said the manager has performed poorly and charged unreasonable fees, and that wouldn't improve if the proposals went ahead.
The Shareholders Association voted against the proposals, saying they won't meet the needs of small retail investors and there hadn't been enough consultation.
BT Funds voted in favour of the changes, although it is questioning what major costs could arise if the management contract is internalised in future.
Next story in Business: Bullerites resigned to loss of cement works
Copyright © 2010, Radio New Zealand