Channel Infrastructure NZ Limited held its Annual Shareholder Meeting today, where the company announced that Simon Allen will step down from the Board later in the year, and James Miller will take over as Chairman at that time.
The company also provided shareholders with an update on the refinery conversion project, and the growth areas being pursued by the business as it looks to diversify to support New Zealand’s changing future fuel needs.
Commenting, CEO Naomi James said:
“Since we completed the shutdown of the refinery at the end of March, we have been firmly focused on the future of our business, and that includes investigating opportunities for our highly strategic Marsden Point site that will support New Zealand’s shift to a lower-carbon economy. At the same time, we have been readying our workforce and community for the change to our operations, and it’s great to see that over three-quarters of our people who will be leaving the business this year have secured their next opportunity. This was a key focus for me as we managed our way through this significant period of change, and I’m proud of the whole team for the way they have risen to the challenges.”
The Board of Channel Infrastructure today also confirmed the completion of the Strategic and Governance Review of the business and published its new Corporate Governance Statement, which includes changes to the board sub-committee structure to bring greater focus to climate change and ESG matters enhanced in a new board charter.
Outgoing Chair, Simon Allen, said:
“With the changes being implemented from our Strategic and Corporate Governance Review, it’s a natural time for new board leadership, and so I will step down from the board later in the year. With James Miller’s extensive experience in capital markets, downstream energy sector and governance positions within leading NZX listed companies I have no doubt I am passing the baton to the right person.”
One of the first acts of the Channel Infrastructure following its launch was the release of the company’s inaugural sustainability report, Our Transition to a Sustainable Future, which outlines the company’s response to the impacts of Climate Change on our business, as well as the opportunities and risks from the energy transition that is taking place in New Zealand. The impact of our transition has already been felt in New Zealand with conversion delivering a decrease in direct CO2 emissions of the Marsden Point site by over one million tonnes per annum, making a significant contribution to the Government’s first Emissions Reduction Budget.
Ms. James added:
“Channel Infrastructure is committed to using Marsden Point’s highly strategic assets and infrastructure to support New Zealand’s shift to a lower-carbon economy. With our change to an import terminal, our customers can now access lower-carbon sources of fuel, from newer, larger and more efficient refineries, and lower carbon shipping options – opening up more choice for how we reduce transport fuel emissions.”