Chair’s Speaking Notes — Shareholder Visibility & Governance

Opening Statement

“Before we move into the next item, I want to be clear about intent. This proposal is not about revisiting past decisions or assigning blame. It is about acknowledging that time has passed, records drift, and governance expectations have changed.”

“Many Māori trusts face the same situation: shareholders move, pass on, lose contact, or disengage. That does not reflect failure — it reflects reality. What matters is how we respond now, as trustees, on behalf of future generations.”

Core Framing

“The question before us is not whether gaps exist — they do. The question is whether we are comfortable carrying those gaps forward, or whether we choose to put a structured, reasonable, and documented process in place.”

“This proposal gives us a way to demonstrate good-faith effort: to identify who we can, reach who we reasonably can, and clearly record status where we cannot.”

If Concerns Are Raised

“This does not force anyone to engage. It simply gives shareholders clarity and choice — to respond, to disengage formally, or to leave matters as they are.”

“Importantly, it protects trustees. A documented process matters when questions are asked later — by auditors, beneficiaries, or future boards.”

Closing Line

“This is about tidying loose ends respectfully, strengthening our governance posture, and leaving the Trust in better shape than we found it. I support the recommendation and ask the Board to consider it on that basis.”

Note: Avoid debate on individual cases. Redirect to process, not people.