Z Energy has named two new independent directors to its board, with the appointment of Abby Foote and Justine Munro edging the fuel retailer closer to a listing on the NZX.
The announcement comes just weeks after the firm hired First NZ Capital and Goldman Sachs as arrangers on the initial public offering, with Craigs Investment Partners-Deutsche Bank and Forsyth Barr serving as joint lead managers on the deal if it gets the go-ahead.
Under NZX listing rules, every listed company needs a board of at least six directors, two of whom must be independent.
Foote and Munro's appointment will bring Z's board count to seven, effective from May 15.
"We've been actively seeking additional directors for some time and, as the company considers a potential market listing, I believe these two new directors will serve the company and its shareholders extremely well," chairman Marko Bogoievski said.
Foote has worked in a range of corporate, treasury and legal roles over the past 20 years and holds directorships at Transpower and the New Zealand Local Government Funding Agency.
Munro, a New Zealand Rhodes Scholar, serves as an executive director for Social Ventures Australia.
She is the founder of the New Zealand Centre for Social Innovation and helped to establish New Zealand Global Women in 2008.
The New Zealand Superannuation Fund and Infratil, which jointly own Z, are looking to sell down between 40 and 60 per cent of their holding in the fuel firm through listing in the third quarter of this year, although no firm decision has been made yet.
The shareholders acquired Z's downstream assets in March 2010 from global energy giant Shell for $696.5 million.
It is now valued at $1.05 billion, according to the super fund's January investment statement - a gain of 50 per cent over three years.