(1) The first appointment of the chairperson is to be made by the Appointment Panel, from the appointed Directors. (2) The first appointment of the deputy chairperson is to be made by the Board, from the appointed Directors. (3) Any other appointment of the chairperson and the deputy chairperson, is to be made by the Board from the appointed Directors. 7 Terms of appointment (1) Subject to subclauses (2) and (3), Directors are to retire at the end of the third annual general meeting of the members of the company next following their appointment, but are to be eligible to be reappointed in accordance with the constitution. (2) The persons first appointed to the positions of appointed and nominated Directors are to continue in office until the end of the annual general meeting of the members in 2004, subject to any casual vacancies. (3) In the case of the appointments to positions of appointed and nominated Directors which immediately follow the first appointments, the following principles are to apply— (a) the chairperson, deputy chairperson and 2 of the nominated Directors are to retire at the end of the annual general meeting of members in 2007; (b) 2 appointed Directors and 1 nominated Director are to retire at the end of the annual general meeting of members in 2006; (c) 1 appointed Director and 2 nominated Directors are to retire at the end of the annual general meeting of members in 2005.
(1) The first appointment of the chairperson is to be made by the Appointment Panel, from the appointed Directors. (2) The first appointment of the deputy chairperson is to be made by the Board, from the appointed Directors. (3) Any other appointment of the chairperson and the deputy chairperson, is to be made by the Board from the appointed Directors. 7 Terms of appointment (1) Subject to subclauses (2) and (3), Directors are to retire at the end of the third annual general meeting of the members of the company next following their appointment, but are to be eligible to be reappointed in accordance with the constitution. (2) The persons first appointed to the positions of appointed and nominated Directors are to continue in office until the end of the annual general meeting of the members in 2004, subject to any casual vacancies. (3) In the case of the appointments to positions of appointed and nominated Directors which immediately follow the first appointments, the following principles are to apply— (a) the chairperson, deputy chairperson and 2 of the nominated Directors are to retire at the end of the annual general meeting of members in 2007; (b) 2 appointed Directors and 1 nominated Director are to retire at the end of the annual general meeting of members in 2006; (c) 1 appointed Director and 2 nominated Directors are to retire at the end of the annual general meeting of members in 2005.
58-6353a171.docx