Governance

Board of directors

Chairman - Linda Sanders (Diploma of Journalism)

Linda has been chairman of Widespread since the Company's inception in 1989. She 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 is currently providing investor relations support to 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. More recently 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 Widespread Energy, and a non-executive director of TSX.V listed Asian Mineral Resources and ASX listed King Solomon Mines.

Director - Keith Hindle (B Com, ACA)

Keith 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 the Hutt Valley District Health Board and is Chair of the Wellington Sinfonia. He is chairman of Widespread Energy.

Director - Denis Kelly  (BSC, DipFor)

Denis, a foundation shareholder of the company, has over 30 years involvement in the mining and mineral exploration sector. Previous mining sector roles include exploration manager of Brierley Investments' mining offshoot AMOIL NZ Limited and founder executive director and company secretary of Spectrum Resources Limited. He was the founding secretary of the New Zealand Mineral
Exploration Association and in 1985 authored the first NZ Mining Environmental Impact Report.

Denis was also company secretary of Brierley Investments for 5 years and a non-executive director of NZX listed Charter Corporation Limited. More recently he has been executive director of both Surf Life Saving New Zealand and Volleyball New Zealand.

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

The company is managed by Chris Castle. The relevant terms of his management, embodied in two contracts, both effective from 1 April 2007 are:

• Chris Castle is contracted to Widespread exclusively with respect to company management services and oil, gas and mineral exploration activities. Accordingly, any director or consulting fees earned by him arising from other Widespread related companies (e.g. Asian Minerals, Widespread Energy, and King Solomon Mines) are to the account of Widespread,

• Responsibilities include strategic development, management, company administration, preparation of management accounts, regular reports to the board, portfolio management, investment research, liaison with brokers, investor relations and sharebroker contact, maintenance of the website, NZSX related continuous disclosure, statutory filings, etc

• The investment and strategic development related services will be provided by Chris Castle directly under one contract, whilst the services of an administrative nature will be provided by Nevay Holdings Limited under a second contract, although Nevay will procure the personal services of Chris Castle. The fees payable to Nevay Holdings Limited under its contract are presently $120,000 plus GST per annum,

• The base fees for the services Chris Castle provides directly to Widespread are to be $180,000 plus GST per annum. If external fees earned by Chris Castle (and paid to the account of Widespread as described above) exceed $150,000 in the year ending on 31 March, such additional fees (plus GST) will be paid to Chris Castle up to a maximum amount of $45,000 plus GST. A bonus of up to $75,000 to be paid on the achievement of certain key performance indicators, the most significant of these being an issue-adjusted increase of not less than 15% in net assets per share during the year. Accordingly, under both contracts, the total base remuneration is $300,000 plus GST with up to a further $120,000 plus GST payable if the bonus and external fee conditions stipulated above are met. The contracts will be reviewed on an annual basis by the independent directors.