Role of the Board of Directors
Director independence
Director independence is considered and assessed in accordance with the requirements for independence set out in the NZX Corporate Governance Code, RBNZ Governance Guide for Licensed Insurers and the FMA Corporate Governance in New Zealand - Principles and Guidelines. Those independence requirements are benchmarked against the Reserve Bank of New Zealand and NZX independence requirements. Currently the Board is comprised of three independent directors and one non-executive director.
Director share ownership
Directors and management are required to comply with Tower's Insider Trading and Market Manipulation Policy (PDF 265kB) when purchasing and disposing of Tower securities. The number of shares held by each director and their dealings in Tower securities during the financial year are disclosed in the Annual Report.
For a list of the director's shareholdings as at 30 September 2024, please see page 111 of Tower's 2024 Annual Report.
Attendance at Board and Committee meetings
The CEO, CFO and CRO attends all Board and Audit and Risk Committee meetings. Other members of the senior leadership team attend the meetings in part as required. All meetings are attended by an appropriately qualified person who is responsible for taking accurate minutes of each meeting and ensuring that Board procedures are observed.