Management and Governance
Director Profiles | Management Fee | Corporate Governance Manual
PFI is managed by PFIM Limited. See announcement on 20 January 2012
The manager is responsible for all property portfolio and company management functions and reports to a board of four directors. Three of these directors are independent and appointed by shareholders, and one is an appointee of the manager.
Director profiles
Peter Masfen
Independent director and chairman
Peter Masfen joined the PFI board in May 2002 and was appointed chairman in June 2002. He is chairman of the Masfen Holdings Ltd Group of Companies, is a director of and has interests in a number of private companies in New Zealand including Mount Linton Station Ltd and Greymouth Petroleum Ltd. Peter is also a director of the Auckland Regional Chamber of Commerce and Industry. He is a trustee of King’s College, Auckland and King’s School, Auckland.
Humphry Rolleston
Independent director
Humphry Rolleston is a director of and has interests in a number of private companies in new Zealand. He is chairman of ANZCRO Pty Ltd and Craigpine Timber Ltd. He is a director of SKY Network Television Ltd, Mercer Group Ltd, Infratil Ltd, Asset Management Ltd and Matrix Security Ltd.
Anthony Beverley
Independent director
Anthony Beverley is a consultant and professional director. He is also a director of listed property company AMP NZ Office Ltd, its manager, AMP Haumi Management Ltd; and Marlborough Lines Ltd. In 2005, Anthony was presented with the Property Institute of New Zealand’s Premier Award in recognition of his contribution to the property industry and the wider economy.
Greg Reidy
Executive director
Greg Reidy is the director representing the manager.
Management fee
The current management fee structure was introduced following shareholder approval in 1999. It was designed to align the interests of the management and shareholders and to reward the manager for outperformance in the growth of shareholder wealth over time. PFI pays a base management fee plus an incentive fee calculated on total shareholder returns.
The management fee is an all-up cost – there are no additional property services or property management fees.
The fees paid to the manager are disclosed in PFI’s annual and interim reports to shareholders.
Corporate Governance Manual
PFI’s directors and management are guided by a corporate governance manual, incorporating the New Zealand Exchange (NZX) listing rules relating to corporate governance, the NZX Corporate Governance Best Practice Code Recommendations and the Securities Commission Governance Principles and Guidelines.
Click here to download a copy of the manual (303kb, pdf file)