Colonial Motor Company shareholders approve resolutions, directors, increased remuneration

The Colonial Motor Company Limited held its 107th annual meeting on November 7, 2025, where all five resolutions proposed to shareholders were successfully passed. Key re-elections included John William Michael Journee and John Ormond Hutchinson as directors, with John Alexander Beveridge also elected to the board. Shareholders approved an increase in the annual director remuneration pool from NZ$330,000 to NZ$515,000, effective July 1, 2025, to fund additional non-executive directors and align with market movements.

Despite a challenging environment, the company reported a trading profit after tax of NZ$17.9 million on just over NZ$1 billion turnover for the year ended June 30, 2025. This performance enabled the board to declare a full-year dividend of 35 cents per share, representing 64% of the trading profit after tax. The meeting also ratified Grant Thornton as auditor and authorized the directors to fix the auditor's remuneration.

The chair's address highlighted a strategic focus on maintaining a strong balance sheet and adapting to market shifts, including the growing presence of Chinese-sourced brands. The company is preparing for future board transitions with the upcoming retirements of the chair and Graeme Gibbons by November 2028. Positive "green shoots" are noted for the current half-year, indicating potential market improvements.