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key tim*ilrmps for annual iir-r*nli*L r*pilf tingt* si"r*r-*i.:*ld*rs .lnd the n,:ulirt*t i*n perir:rds f\:rdir"ect*r cninsss at ttre nnnual m**tlr.'9.

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Five ci the l0p l"en iEsuers ai:rleight oi ths top 75 heid hyhridsi"rarsi:ald*r meetings - corr:binings t rfi dit iailai physicill meeting withr*al-tin.re online participoti*r.Ti':is rrvas siightiy high*r tharr lasty*ar, indira lins a developing trt$d.

Timimg uf mmet{rags

Tirere ccnli*ue s to be * signif ica*liag betw*en the public*tian *fpr*iimirrary f inancial results*rid tire annual report and th*hclding of the an*ual meeting i:isnnr*holders. The average gapt'*as llB day: aft*r balance dat*Tl"iis is a slight irnprover-rrelrl *f lf7d.:vs from our anatysit last year"

46% of the top 75 compiied i,.ritnl\7X Ccrpurate Gcvernanceil*d* r*r*mmendation 8.5 that:h.rfe h$lders should be n*li:'ieei*i the meeting at ieast 2S daysin advance via pubiicalion un th*rnm$any wei:site.

Tire r0le r:i proxy atJviiory f irnt:ro*linued l* altracl s*meat teiltioil.l h* Aus lr*i*sianIlivestor Relat ions A:si:ci;:ti*npubtished a Cr:ae for *ngr:gcnrenfbefvi,eer li.s led {oinix}i-rips ar:dpr0xlJ odvisers, s truclur*<i arcundf ive k*y pr"ir"r*iple::

* pr*xy reEearch sh*L:ld b*fnctualiy accurrric

. proxy advisory firms slr*uicl beadequateiy resourc*d

. proxy;:rlvisory i'irms rhouidbe prr:vided with adeqr:*teieedback

. proxy advisory firms sh*uldhave a syst*n: l*r n"r*r"rnging

rclnf licts of inter*st. *nri

c prox! advisory f irms shculdreport on a regular b*si;.

Associated recomrnendaii*nlinclude r:ffering the issuer a smailyrindow to re.riew draft votingrecornmendations *nd t* rsrr€ctfar:tua:lly incorrsrt infarmation.

s$$&ws$-&ild M#k'F-SS{pS @ffi#',*

Hyfur{d meetlngs Fnmxy advlmmny fEnms

(orpoidte Gover*anae in Nes Z€nlandTNENlS AND IES!6H:S,L0ri{:rjl8

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mmttersE**epemdsnce

Audit firms for top75 listed issuers

Most preva{e nt y*ar-endbaler:c* dates

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** a rnor* construrtiv* n*t*, m*ny*udit*rs macle fulscn-l* v*lunt*ryadditi*n.rl riisri*sr:re *b*ul tirrnrtrteri*lity *ppti*d t* th* ;rudrta*d scught l* us* pl*in languegefncusei srr lhe n*eds a l' th* ui*r.

ii l.viit be i*lererlirig t* seevri:*tirer cr hcr.v KAl.'1 di*ilr:suresv*iv*s this ye*r.

Audit independence

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Tnis in,a: t':e l.*y tt.eSsSgt ifi theFM,.{ h+*db+*k fcr direr- tols,published jn **r*mh*r, cn*uilil quality.

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