Governance
Directors
Director - Keith Hindle (B Com, ACA)
Keith has been chairman of Chatham Rock Phosphate (previously Widespread Energy) since 2005. He is a chartered accountant, who retired in 2004 as a partner of KPMG after some 39 years with KPMG and predecessor accounting firms. Keith held a number of senior positions within KPMG at both national and international level, most recently as CEO of KPMG Legal. He has been involved in numerous corporate finance deals including mergers, acquisitions and business sales. Positions in KPMG include Audit Partner responsible for a wide range of public, private and government organisations, partner in charge of the business services and the consulting division, member of the executive committee of the national firm, and partner in charge of the Wellington office. He was appointed to the international firm's consulting committee for five years. He is a member of both the Wellington and Hutt Valley District Health Board, and is an advisor to the Tenths Trust.
Chairman - Linda Sanders (Diploma of Journalism)
Linda has more than 30 years of experience as a communications executive and journalist, working closely with and analysing the senior management of New Zealand's leading companies, including as business editor of the Evening Post, economics and deputy business editor of The Dominion, a communications manager for Telecom New Zealand and as a public relations consultant and managing a government department's communications team. She provides communications advice to a range of public and private sector clients. She has been a director and chairman of Widespread since that company's inception in 1989, as well as a director of Chatham Rock Phosphate since 2008 and is also a trustee of various Golden Bay community organizations. She is currently providing investor relations, marketing and communication support to Chatham Rock Phosphate and Widespread.
Managing Director - Chris Castle (BCA, ACA, CFIP)
Chris is a chartered accountant with more than 35 years experience in the investment and corporate finance sectors. Chris was a founding director of Spectrum Resources and Premier Mining Securities and has held directorships in eight NZX listed companies. His mining and mineral exploration background includes a series of projects with Amoil NZ, Kanieri Gold Dredging and Australian Anglo-American. His investment sector experience includes Brierley Investments and the Regina Confections/Charter Corporation group. He established Widespread Portfolios in 1989 as an aggressively focused investor and share trader. Since 1999 he has managed the company on a full time basis. He is also an executive director of Chatham Rock Phosphate, and a non-executive director of TSX.V listed Asian Mineral Resources and ASX listed King Solomon Mines.
Director - Jill Hatchwell (BCA, ACA)
Jill Hatchwell is a formation director of Widespread Portfolios and an executive director of Nevay Holdings, a financial advisory consultancy established in 1988 that advises a range of clients in the private and public sector. Jill was company secretary and executive director of Charter Corporation and group accountant at Brierley Investments. She is a director of Vincent Aviation and Aviation, Tourism and Travel Training Organisation Incorporated (ATTTO).
Meetings of Directors
The board meets every six weeks, with most meetings held by conference call to reduce travel costs. The board has two sub-committees (audit and remuneration) that meet whenever required.
Operations
Chris Castle manages Chatham Rock Phosphate (CRP) through an agreement with Widespread Portfolios Ltd (WPL). The Agreement has been in place since 2004 and informally renewed on an annual basis since 2006 and there has been no alteration to the Agreement’s terms since just prior to CRP listing on the NZAX market in 2006 which altered the manner of fees payable to the Company for its services.
Under this Agreement, CRP has contracted Widespread Portfolios Ltd (WPL) to act as an investment consultant and provide certain other services. WPL’S duties and responsibilities include:
- Provision of investment advisory services including identification and acquisition of an appropriate business or mineral exploration projects
- Assisting CRP to raise equity funds and list its shares on a recognised stock exchange
- Ensuring that CRP receives appropriate legal, accounting and taxation advisory support.
- Provision of administrative and company secretarial services to CRP
- Provision of research facilities and a database (which shall at all times remain the property of WPL) to assist the board of CRP to make investment decisions.
If specialist advice is required in relation to any of CRP’s activities, WPL shall engage such professional assistance considered necessary at CRP’s cost.
For these services CRP pays fees to WPL based on the following:
- A fee based on the time engaged at a daily rate of $1500 ($187.50 per hour). This fee is payable monthly in arrears either in cash or (at WPL’s election) by means of an issue of new CRP shares at an agreed issue price.
- A commission of 2% in respect of equity funds raised. This fee is payable within a month of funds being raised with payment either in cash or (at WPL’s election) by means of an issue of new CRP shares at an agreed issue price.
- Any Goods and Services tax (GST) payable in relation to the above payments.