The New Zealand Start Up Board Remuneration Benchmarking Survey

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Thank you for taking the time to participate in this survey! The goal of this project is to create useful benchmark data for the remuneration of start-up Directors in New Zealand.

Once we have a meaningful data set, we will publish aggregated data, by company funding stage.

Please note, this form is anonymous - we do not need your name / company name / contact details.

Instructions:

1. Please fill out this form for the board you have joined most recently. Thank you for taking the time! If you want to contribute further, complete this form again, but for the next most recent board you have been appointed to.

2. This survey opens 13 May 2024. The deadline for responses is 14 June.

You can find out about OnBoard at our website (www.obprogram.com) and view our other recent New Zealand start-up governance insight projects in the 'Resources' tab (the 'State of Start-Up Governance in NZ', and 'New Zealand Start-Up Board Gender Pulse').

If you provide us with any personal information, we will process that personal information in accordance with our Privacy Policy available at https://www.obprogram.com/privacy-policy.

How many start-up company boards are you currently serving on?

One

Two

Three

Four

Five

Six or more

Clear selection

Now think about the one you joined MOST RECENTLY. We want to hear about THAT one.

My role on the board to which this form relates is:

Investor Director (appointed by an investor or group of investors, and may hold veto rights on specific decisions of the board).

Independent Director (for purposes of this exercise, a Director who is not paid a salary or fees by the company for work on the company, who is not an Investor or Founder appointed Director, does not own more than 5% of the company, is not performing any management or other function for the company, and does not have any conflicts).

Executive Director (an individual who also works in the business - in addition to their board role, they are paid for work in the business).

Chairperson.

Advisor to the board.

Founder Director (a Founder who has a board seat by right, or who has been appointed by the Founder to fill their board seat).

Other (for example, a Director who is in all other ways 'Independent' but owns more than 5% of the company).

Clear selection

The company I am filling this form in for is a:

Deep tech company

Software/SaaS company

Hardware and equipment company

Consumer goods company

What is the most recent funding round completed by the company?

Seed

Series A

No external capital raised yet

Series C and beyond

Pre-Seed

Series B

Clear selection

I am remunerated with:

Please select all that apply.

Cash

Share options

My cash remuneration for board related service on a per annum basis is (NZ$):

Instructions: please include all fees, including any subcommittee fees, but exclude reimbursement of expenses. If you have no cash remuneration, please enter '0'.

The following questions are specifically about shares and share options granted to Directors in lieu of Director's fees. Please do NOT include shares or options which you have received from the company for other reasons.

If you receive shares, or share options, what is the estimated annual value of those shares or options at the time they are issued? (NZ$)

And do you have any idea what the annual share or share options grant is valued at, at the time it was awarded, in terms of the % of the company's capital table? (%)

If you are receiving shares or share options in lieu of a Director's fee, please tell us whether the Strike Price (the amount you have to pay to turn those options in to shares) is set at:

A tiny nominal value (eg. 1c)

The price of the most recent capital raise

A discount on the price of the most recent capital raise

The current valuation of the business

A discount on the current valuaton of the business

In some other way

Clear selection

Are the shares or share options that you receive in lieu of Director's fees vested over time, and if so, for how long are they vested before you can exercise them?

There is no vesting. I can exercise any options as soon as they are granted/shares have full rights on issue.

The package is granted for multiple years, but vests annually over the period of board service.

The package has a longer vesting period before I can exercise or take up full shareholder rights.

Clear selection

The number of board meetings per year for this company is: (#)

The estimated number of hours I commit to the company in connection with this board role per year (e.g. includes preparation for meetings, the board meetings, follow-up, informal meetings and actions) is: (#)

Who pays for your Director's and Officer's Liability Insurance? Please select as many answers as apply.

I don't have any for this board.

I don't have any for this board: the company has provided me with a Director Deed confirming full indemnity.

The Company pays.

I have my own D&O insurance.

The shareholder I represent on the board pays.

Finally, thinking about ALL the start-up boards that you are on, can you please estimate three things for us:

(1) The total level of cash remuneration you receive in Director's fees annually from those boards is: (NZ$)

(2) The total value of shares or share options you receive annually from those boards in lieu of Director's fees is: (NZ$)

(3) The total number hours per annum that you spend on board related work, including board meetings, preparation and other director responsibilities for those companies is: (#)

THANK YOU!!

You made it to the end. We will be back to the market with the insights gathered shortly.

If there are any other ecosystem wide insights projects you believe OnBoard could be responsible for delivering, please let us know below.

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