The Warehouse Group, New Zealand's biggest listed retail business, is seeking a 20 per cent increase in its directors' pay.
The Auckland-based firm will ask shareholders at its annual meeting next week to approve a lift in annual directors fees from $750,000 to $900,000, which it says will enable the company to attract and retain high-quality board members.
The Warehouse announced a boardroom shuffle last month.
Current chairman Graeme Evans and director Janine Smith will retire from the board after next week's meeting.
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Ted van Arkel, currently an independent director of the retailer, will step up to replace Evans as chairman, while two new directors - Noel Leeming boss John Journee and ex-Air New Zealand general counsel Vanessa Stoddart - have joined the board.
The company reported a 13.1 per cent rise in net profit to $73.7 million in its last financial year.
Shares have gained 17.7 per cent in the last 12 months.