The board of the transport company Mainfreight is resisting pressure by institutional investors to introduce fresh blood around the table and replace their long-serving auditors with someone new.
Mainfreight chair Bruce Plested clashed with a representative of the New Zealand Super Fund at yesterday's annual meeting, who asked if the company had a succession plan to replace long-serving directors.
There was tense exchange over the issue and Mr Plested said while there was no succession plan, the company was committed to refreshing the board with new members at some point.
He said the same applied to its long serving auditor.
Managing director Don Braid said the board's culture was the key to Mainfreight's success.
"We have refreshed this board in the past and will continue to do so when we feel it appropriate," he said.
Mr Braid said the questioning overshadowed the company's strong financial performance.