1 Comment 1 CommentWatson transferred his majority shareholding in Fidelity Life into the Fidelity Family Trust more than 25 years. He made this move to provide a stable, long-term ownership structure both during and after his life-time.
"It was Gordon's wish that those shares would always remain there so that Fidelity Life would continue to be a New Zealand owned life company," Fidelity says.
The trust is managed by the two independent trustees in Jeff Meltzer, who is a director of Fidelity Life and well known chartered accountant, and Mike Whale who is an Auckland lawyer.
"Accordingly the death of Gordon Watson has no affect on the ownership of Fidelity Life.
"The trust presently holds 55% of the shares in Fidelity Life. The board expects that this will remain the position for the forseeable future."
HT Russell Hutchinson
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The Trusts have to do what is in the best interests of the beneficiaries of these trusts and what may be the outcome if these beneficiaries prefer to have capital rather than dividends..
They are all getting older and may well see this as their best option ..what then ..??
Fidelity doesnt seem to have much to do with the Financial Planning Industry and their ability to pay commssions on savings business linked to life Ass sales may be under more spot light with the Australian Industry now Banning commissions out right ..
Will this come to NZ ..??
This may take away a core pierce of their business as Insurance Sales people will and can no longer earn something from the sale..